TISA Exchange | TEX TISA Exchange - Membership forms

Membership forms

TeX is open for membership!

Many firms want to join TeX at the earliest opportunity as early joining brings a number of benefits. Therefore, we have a 2-stage process for joining:

Step 1: Join the club!

This will indicate your intention to process re-registrations and also to move towards electronic messaging in order to facilitate those transactions. Simply complete the TeX Joining Form and pay the one-off joining fee. This fee, which is applicable to all full members, is £5000 + VAT. 

So what are the benefits of joining?

a) It will be a key indicator to the FCA that firms who join are committed to improving standards. We do know from comments in previous FSA documents that: “Given the TISA initiative, which we support, we do not think it is appropriate for us to set prescriptive rules regarding timescales for re-registration at this stage.” (FSA Policy Paper PS11/9 Platforms). As they see firms join TeX, the FCA will continue to leave the industry to manage this matter without additional regulatory constraints.

b) We have three Advisory Councils who provide member input to TeX:

  • The Special Advisory Council collates information from the other councils and make recommendations to the Board;
  • The Legal Advisory Council meets to consider any changes to the legal structure which may be required due to a change in law, regulation or other reason;
  • The SLA & Operational Advisory Council meets to review the service levels and compliance with those timescales, review the processes and messaging structure to identify any changes needed and liaise with the UKFMPG as appropriate.

In order to sit on any of those councils, you will need to be a member of TeX or an associate.

Step 2: Register!

When you are ready to send/receive ISO 20022 messages and need the legal agreements necessary when the client’s signature/authorisation remains with their new provider, you need to take this second and final step to go onto the Register of Members. This step requires the  TeX Registration Form to be completed and the Annual Membership fee to be paid. The membership year runs 1 July to 30 June. Completing this Registration Form includes signing up to be bound by the Contract Terms and other associated documents and gives you the reassurance that all the liability risks are then covered.

The categories of membership are: Service Provider; Asset Manager; Multi-Role Member (i.e. both of the previous categories operating under one legal entity) or Pension Provider.

Service Provider: a firm who is a product provider (other than an operator of a regulated collective investment scheme or an investment trust savings scheme as described in paragraph (iii) of the FCA Handbook’s definition of product provider), an ISA manager (providing funds from more than one fund manager) or a platform service provider ( as defined by FCA). The annual fee for this category is £3,000 + VAT.

A firm falls into the Service Provider category if they meet the FCA definition of a Platform Service as a service which:
(a) involves arranging and safeguarding and administering assets; and
(b) distributes retail investment products which are offered to retail clients by more than one product provider;
but is neither:
(c) solely paid for by adviser charges; nor
(d) ancillary to the activity of managing investments for the retail client. 

Asset Manager: a firm who is responsible for the maintenance of a fund’s register of holders and repurchasing of units that are to be redeemed. This category also includes fund managers who offer an ISA wrapper which includes only their own funds. The annual fee for this category is £2,000 + VAT.

Multi-Role Member: if one over-arching company operates both a Service Provider and an Asset Manager, then they can join as a Multi-Role Member with an annual fee of £5,000 + VAT. This provides no difference in overall cost but a Multi-Role Member would get just one vote.

Pension Provider: is a party who is responsible for the provision and administration of a Pension Scheme or if one is appointed for the relevant Pension Scheme, the Pension Administrator. The annual fee for this category is £2,000 + VAT.

To register in one of the above categories, firms need to have at least one of the following Financial Services Firm Register permissions:

  • Agreeing to carry on a regulated activity
  • Arranging (bringing about) deals in investment
  • Arranging, safeguarding and administration of assets
  • Safeguarding and administration of assets (without arranging)

Or, if a firm is registering as a Pension Provider and is not shown on the Financial Services Firm Register, the firm must provide:

  • details of membership of any alternative body / affiliations; And
  • reference from the Chairman of the Trustees of one of the schemes for which they act as administrator.

So if a firm has none of the appropriate permissions, is not a pension provider, is not a fund manager nor has a contractual relationship with any underlying client and therefore is not a product provider, ISA manager or offers a Platform service, then they would be an associate.

Associate: Associates do not sign up to the legal terms as the firm does not carry liability to the underlying client. It is purely a side letter together with the associated privacy policy, glossary and confidentiality terms. They would be able to join any of the Advisory Councils which are part of the club and thereby be involved in all future development but do not have the right to vote on any issue.

The fees for associates are a £2,000 + VAT one-off joining fee and a £1,000 + VAT annual fee. If this category applies to your firm then please contact tex@tisa.uk.com for the appropriate application documents.

To download the necessary forms, click on the links below:

TeX Joining Form 

TeX Registration Form

You will also need to download the TeX Notes to Joining and Registration Forms to read in conjunction with the forms.

You may also find it useful to read the TeX Onboarding Guide which describes the onboarding activities for new members of TeX and the TeX Onboarding Common Issues document which details common issues for potential members to consider as part of their onboarding process.

Next steps
You are welcome to download and complete the Joining / Registration Form and sending it to: tex@tisa.uk.com (scanned copy) or TISA Exchange Ltd, Dakota House, 25 Falcon Court, Stockton on Tees TS18 3TX (hard copy). You may prefer to meet with one of the TISA directors to discuss membership prior to doing this. If so, you are very welcome to contact either jeffrey.mushens@tisa.uk.com or carol.knight@tisa.uk.com to arrange a meeting.

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