Tisa: FCA trusts industry to fix re-registration

The FCA’s acknowledgement of industry efforts to speed up re-registration shows the regulator trusts fund managers and platforms to address outstanding issues.

Jeffrey Mushens, technical director at the Tax Incentivised Savings Association (Tisa), said his organisation’s efforts to improve the speed at which advisers and investors can transfer funds from one platform to another had avoided regulatory intervention.

In its latest quarterly consultation the FCA said the introduction by Tisa of an industry working group, known as Tex, meant that it was not going to change its rules on re-registration.

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Mr Mushens said: “The industry is doing a good job and delivering good outcomes for clients - that’s what the FCA wants to see. If Tex hadn’t done a good job the FCA would have had to publish its own rulebook. It’s a big deal that the FCA has trusted the industry to come up with this.”

Tex, also known as the ‘contract club’, has been set up by Tisa to get fund managers and platforms signed up to a common agreement regarding the transfer of open-ended funds from one platform to another. It aims to reduce the time taken for re-registration of assets down to six days.

Tisa has been working with the FCA and its predecessor, the FSA, for more than three years on re-registration and other platform-related issues. Mr Mushens said 61 groups were now signed up to Tex, accounting for 91 per cent of fund assets on platforms and 82 per cent of IMA members’ assets under management.