The Tax Incentivised Savings Association has issued an industrywide service-level agreement for the re-registration of assets between platforms and says the the process should take prov-iders no more than 11 days.
Tisa’s platform re-registration project has built on work by the UK Market Practice Group and aims to streamline and fully automate the transfer of assets from one platform prov-ider to another.
Tisa director of policy Malcolm Small says: “The publication of the SLA follows much hard work by the UKMPG and the Tisa SLA Workstream. This document sets challenging but achievable timescales for re-registration based on real technical experience. Market participants are now encouraged to start piloting their re-registration procedures based on the SLA.
“Our next prime area of focus is on production of agreed legal indemnities so that market participants can re-register assets safely, knowing that they are operating with counterparties of good standing. We will also be seeking to act as an information exchange, where lessons from the pilot exercises can be posted.”