Calastone has been selected to provide the first re-registration solution in the UK with the Q2 2011 launch of a new service that should ultimately enable Isa and other portfolio transfers on the same day.
Calastone has been selected by a number of market leading organisations, including Transact, Nucleus, FNZ, BNY Mellon and Ascentric. Further take up is expected ahead of the official live date, June 30,2011, from platforms, administrators and fund providers. IFDS have noted their support of Calastone’s development and Cofunds is interested in the subsequent efficiencies this will bring.
Under the proposed RDR, it is compulsory for platforms to offer re-registration by 31 December 2012. TISA (Tax Incentivised Savings Authority) established a committee to implement an agreed standard for platform to platform re-registration, and is recommending that re-registration should be completed within 11 days. Calastone’s solution gives the market the ability to move towards same day re-registration, where this is required.
Kevin Lee (pictured), Chief Executive Officer at Calastone, says: “This is excellent news for all parties in the transaction process, particularly the end-investor. Calastone’s flexible approach to technology means that we can provide simple and effective solutions which reduce cost and increase efficiency for all companies, and that is why Calastone has been selected as the re-registration solution. The scale of support is significant and reflects TISA’s desire to have ‘the fullest possible buy-in from all sections’ and that is testament to our track record in providing effective solutions.
“TISA has been a prime mover in focusing industry attention on this issue, and we welcome the support they have given in making such solutions feasible. Calastone is the first company to bring a re-registration solution to market and we are looking to build further support across the industry.”
David Ferguson CEO of Nucleus Financial says: “We’re thrilled to see this day arrive – having been so vocal on the subject I look forward to being able to shut-up!”
Jonathan Willis, Head of Transfer Agency EMEA & Asia-Pacific at BNY Mellon Asset Servicing, says: "Calastone has a strong track-record for delivering flexible and scalable solutions that help to reduce risk and costs without requiring additional software spend. We wholeheartedly support the introduction of this new re-registration initiative, which will play a key role in reducing the manual inefficiencies that have historically plagued ISA transfers."