The Tax Incentivised Savings Association’s re-registration “contract club” is now inviting firms to become members of the scheme.
The Tisa Exchange Limited has been set up to facilitate the electronic transfer of assets between platforms and aims to become the industry standard for contracts needed in the process of re-registration of those assets.
A TeX Advisory Council has been set up with representation from platforms, service providers, asset managers and service providers who will liaise with the TeX board on operational, technical and legal issues.
Money Marketing revealed in May that Tisa was looking to create a standard contract to aid platforms in re-registration and transfer of funds.
Members of TeX will pay a one-off joining fee of £8,000 which Tisa says will enable solicitors to start work on writing central contracts, meet costs of development and the ongoing operation of registering.
The annual fee for membership is expected to be around £2,000. The fees will be held for two years and then reviewed.
TeX director Carol Knight says: “Through its re-registration project Tisa has been able to facilitate a cross-industry initiative that has delivered standards and associated service level agreements and we have witnessed the first electronic re-registration messages being sent.”
Tisa says it anticipates 50 members by the end of 2011.