The Tax Incentivised Savings Association’s re-registration contract club has launched and it is inviting firms to become members.
The Tisa Exchange Limited has been developed to help with the electronic transfer of assets between platforms and aims to become the industry standard for re-registration contracts.
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 and will meet the costs of development and the ongoing operation of re-registering.
The annual membership fee is expected to be about £2,000 and the fees will be reviewed after two years. Tisa says it expects TeX to have 50 members by the end of 2011.
A TeX Advisory Council includes representation from platform providers, asset managers and service providers who will liaise with the TeX board on operational, technical and legal issues. In May, Money Marketing revealed that Tisa was looking to create a standard contract to aid platforms in the re-registration and transfer of funds.