Tisa announces completion of re-registration programme

The Tax Incentivised Savings Association (Tisa) has completed its re-registration programme and has handed the project over to the TISA Exchange Limited (TeX).

In 2009 TISA formed an industry group as a forum for interested parties to consider the practical solutions necessary to achieve automated platform to platform re-registration.

In June 2010 Tisa brought together platform providers, third party administrators and fund groups to finance the re-registration programme.

The group worked to develop a standard contract and solve legal issues surrounding liability and indemnity that arise with electronic re-registration. .

TISA Exhange Limited (TeX) will now focus on delivering the electronic transfer of assets by providing a contract club.

TeX will provide a depository for the non-commercial contract terms for transfers and aim to ensure re-registration is being completed to an agreed industry standard.

It also aims to reduce industry costs and risks by holding one common set of terms.

Malcolm Small, (pictured) TISA director of policy said that the model used for this project has been imitated for various other TISA projects, including ones on distributor funds and structured products:

'This was the first TISA project to bring the industry together on such a large scale to help define the problem, identify the steps that needed to be taken and then deliver an agreed and workable solution.'