UK Platform Group agrees on re-registration solution

ISO 20022, the standard for financial services messaging, is the favoured approach to delivering a streamlined platform-to-platform re-registration solution for investors and advisers, the UK Platform Group concluded.

It added that it is seeking to secure the industry's agreement to adopt ISO 20022 as the industry standard.

The UK Platform Group consulted with technology companies EMX, Society for Worldwide Interbank Financial Telecommunication, Bravura, International Financial Data Services and MFT in order to agree the way forward.

Stephen Mohan, chairman of the UK Platform Group and managing director of operational services at Cofunds, said the group was totally committed to delivering platform to platform re-registration to ensure improved outcomes for investors and their advisers.

He said: "The selection of the standards for connecting the IT systems of the different platforms, fund managers and other administrative services 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. With the standards for connectivity established we are keen to then quickly move to achieving agreement on the timings, commercials and service levels."

The UK Platform Group was formed in September 2006 with the aim of developing industry-wide standards for the benefit of consumers, advisers and fund providers.

It consists of representatives from CoFunds, Fidelity FundsNetwork, Hargreaves Lansdown and Skandia.

David Ferguson, chief executive of Nucleus, said: "Anything that can be done to bring inter-platform re-registration into the 21st century will always be welcomed by Nucleus and the 300-plus IFAs that use the wrap.

"We welcomed the self-styled Platform Group's original announcement back in January 2007 and we are more than happy to welcome it again. We just hope this time we see some genuine progress."

Speaking before the UK Platform Group made the announcement, Malcolm Small, director of portfolio and retirement planning at the Tax Incentivised Savings Association, said there was movement towards pensions, Isas, bonds and other financial products to be seamlessly transferred.

He told an audience of platform experts gathered at a Platform to Platform open meeting last week, that a lot of work was already under way to make this a reality.

Mr Small said: "The Association of British Insurers is doing work on pension transfers and open market options and there is work being done on Isa to Isa transfers. There can be problems on the fund and product level."