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TISA Exchange (‘TeX’) response to calls for a pension transfer service

Please see below a statement from David Dalton-Brown, Chairman, TeX (TISA Exchange) in response to calls for a pension transfer service:

"We fully support Origo's call for an industry-wide pension transfer service. TISA Exchange ('TeX'), was established to do just that in the form of a cross-industry, open standards based transfer club . In April 2014, TeX introduced a new member category for pension providers based on a set of open standards together with supporting contracts and services that facilitate the automated, rapid and secure transfer of a client's pension assets between providers. It is designed to provide consumers with a higher level of service and security in the way their savings and investments are managed. Additionally the use of open standards ensures that the market is open for any service provider to offer transfer services.

"We believe that all pension providers should sign up to, or be required to sign up to, minimum standards regarding the processing of transfers of pension assets. We owe it to consumers to ensure that this functionality is available, and then to reduce the time it takes for these transfers to take place. If the industry does not act, we believe the regulator will as they threatened to do with investment transfers / re-registrations.

"The new TeX service is perfectly suited to the requirements of automatic enrolment and 'pot-follows-member' and removes the need for direct regulator intervention. Pension transfers between members who sign up to the new category will be subject to a maximum of a six business day service level agreement . The biggest threat to consumers being able to benefit from such a positive development would be if it were not possible to integrate the existing Origo systems into the TeX service. We look forward to continuing our work with Origo to make this happen."


Ends

For further information, please contact:

Carol Knight, Director, TeX – Tel: 01642 666989 Email: carol.knight@tisa.uk.com

Jeffrey Mushens, Director, TeX – Tel: 07939 575093 Email: jeffrey.mushens@tisa.uk.com

Issued on behalf of TeX by Newgate Communications, contact Alistair Kellie - Tel: 020 7680 6558 or 0780 12345 98 Email: alistair.kellie@newgatecomms.com

Notes for Editors

TeX


TISA Exchange Limited (TeX) has been established to help facilitate the electronic transfer of wrappers and assets between fund managers, platforms, wealth managers and any firm which holds assets on behalf of investors. 72 groups have joined TeX and members administer over 91% of platform assets and over 89% of industry funds under management. www.tisaexchange.co.uk

TISA

TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 145 member firms involved in the supply and distribution of savings and investment products and services.

TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.

TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities. www.tisa.uk.com