Altus and the Tax Incentivised Savings Association have released data showing that electronic transfers and re-registrations are continuing to increase, while overall transfer times and the volume of rejections have significantly reduced.
Fourteen of the top 20 adviser platforms are now live with electronic transfers, representing over 80 per cent of assets under administration. Seven of these were using the Altus Transfer Gateway - in total 68 per cent of assets under administration.
Altus said that seven wealth managers are now supporting electronic transfers, and the top seven direct to consumer platforms are now executing live electronic transfers, covering 60 per cent of assets under administration.
Sixty-seven fund managers, representing almost 90 per cent of UK funds under management are supporting electronic transfers and re-registrations, whilst over 1m transfer messages were sent over SWIFT during 2014.
The fourth quarter data revealed that volumes rose 12 per cent increase over the third quarter 2014 figures, with the majority of client portfolios transferring within six working days and many completing within just a few minutes.
Howard Finnegan, head of sales and marketing at Altus Business Systems, said: “Competition between providers in the form of product innovation has finally started to kick off just in time for the next election and the implementation of the new pension legislation.”
He added: “It is encouraging that there are now over 100 TeX members supporting electronic transfers and re-registrations electronically and the number supporting the latest version of the transfer standards (including equities, supporting intermediates/custodians and pension wrappers) has also dramatically increased during the fourth quarter of 2014.”
ruth.gillbe@ft.com
