View more on these topics

Transact picks Calastone for auto re-reg

Ian-Taylor-2012-700x450.jpg
Transact managing director Ian Taylor

<!–
<!–
<!–

–>
–>
–>

Transact has chosen fund transaction network Calastone to provide its automated re-registration service, a proposition which Calstone says moves the platform market closer to same day re-reg.

The regulator requires platforms to offer re-reg, though it does not require that the process is automated. Not all platforms have automatic transfer capability, which is said to have caused delays in transferring from platforms such as Fidelity FundsNetwork and Cofunds.

The Calastone service allows the transfer of legal title in fund units between nominees, and provides straight-through processing for in-specie transfers of assets.

Advisers, platforms and fund managers can also use the service to check the progress of the transfer.

Transact managing director Ian Taylor says: “Calastone has worked with different sectors of the market in order to deliver a product that is effective, easy to use and enables market participants to communicate with each other in order to automate the processes of re-registration.

“We welcome the fact that someone has delivered a cost effective system that can transfer legal title in seconds.   This can only be a good thing for the end investor.”

Calastone managing director for product Dan Llewellyn says: “We are very grateful for the support of Transact which is one of our key customers, and are fortunate to have such a proactive client base that is always pressing us to deliver new services  to help automate business processes.

“Electronic re-registration has been proven and we are keen to expand the service to other customers in the UK and other domiciles.”

Calastone plans to extend its automated re-reg service to other assets such as equities, pensions, bonds and Sipps. 

Recommended

3

Structured products body hits back at Wheatley’s “spread bets on steroids” claim

<!– <!– <!– <!– <!– –> –> –> –> –> <!– <!– <!– –> –> –> The UK Structured Products Association has hit back at “sensationalist” comments made by Financial Conduct Authority chief executive Martin Wheatley which compared many structured products to “spread bets on steroids”. Speaking at the London School of Economics last week, […]

3

Ami: MAS will be axed by 2015 if it doesn’t improve

Association of Mortgage Intermediaries chief executive Robert Sinclair believes the Money Advice Service will be abolished within two years unless it improves its performance. Speaking at a conference staged by conveyancing services provider myhomemove at the Heritage Motor Centre in Gaydon today, Sinclair said MAS’s new management team needs to “get to grips” with the […]

10

Advisers say RDR has added extra two hours to business processing time

Advisers say the complexity of placing business in the post-RDR world has added an extra two hours to the length of time it takes to process new business. Firms say issues such as weighing up the merits of clean versus existing share classes, battling providers to get answers to queries about adviser charging facilitation and […]

Nic-Cicutti-MM-blog.jpg
16

Nic Cicutti: We need a brave and tough regulator

About 15 years ago, I received a call from a functionary at a newly-formed regulatory body: would I like to speak at its first “town hall” meeting in Bristol? The FSA, then in its infancy, had decided to embark on a meet-the-people tour of Britain. And so it was that several months later I stood […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com