View more on these topics

UK Platform Group selects ISO 20022 for re-reg solution

Members of the UK Platform Group have agreed that the ISO 20022 standards will sit behind the future of platform to platform re-registration.

Group chairman and Cofunds managing director Stephen Mohan says ISO 20022 will be the standards for connecting platform IT systems, fund managers and other administrative services as part of its platform to platform re-registration initiative.

Mohan says: “Today’s selection is a key moment in realising this commitment. The next stage is to consult across the platform and fund management community to ensure that we achieve their full buy-in to deliver this. Their buy-in at this stage will be important as there will need to be significant investment across the industry to ensure success.”

The group is now seeking industry approval of its decision to adopt ISO 20022, the standard for financial services messaging, as the industry standard.

Mohan says: “With the standards for connectivity established we are keen to then quickly move to achieving agreement on the timings, commercials and service levels.”

The news comes after Mohan hinted at the solution during the TISA platform to platform re-registration open meeting in London
<a href="
“> yesterday .

Financial Technology Research Centre director Ian McKenna says: “It is excellent to see the UK Platform Group showing some leadership, platform to platform re-registration has been a contentious issue for too long.

“All market players should embrace the initiative and move quickly to make this much needed service a reality. Any organisation that resists such change will be constraining their own growth potential.”


FTSE opens higher

The FTSE 100 opened higher this morning at 4,202 but struggled to make significant headway.

MM sets up twitter site

Money Marketing has a twitter site adding to its online coverage. Go to www.twitter. com/moneymarketing1 for coverage of political committees and industry events.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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