Investment - Articles - Altus leads the industry to ‘RDR-readiness’


 Altus leads the industry to ‘RDR-readiness’ with the first live electronic account transfers and fund re-registrations via SWIFT.
 
 Today, Altus, the financial services solutions provider announces the first live automated asset re-registrations. Through the RDR, the FSA has mandated that from the 1st January 2013 any organisation holding funds on behalf of a customer must be able to re-register those assets to another provider in a timely manner. Consequently, Altus has experienced heightened demand for its Altus Transfer Gateway software which has been warmly received by the industry at large.
 
 Using the Altus Transfer Gateway (ATG) some of the industry’s leading platforms and fund managers have begun transferring accounts and assets electronically in advance of the implementation of the Retail Distribution Review (RDR). This market leading initiative has been driven by Fidelity, Ascentric and IFDS (on behalf of Allianz, M&G and Schroders) and sees the first live use of the new open and interoperable standards from TISA Exchange Limited (TEX) and the UKFMPG. This is supported by the SWIFT secure financial messaging network.
 
 Ben Cocks, Director at Altus says:
 
 "After many months of industry debate and preparation it’s great to see automated re-registration finally up and running and benefitting the customer with vastly improved transfer times. Hats off to all the participating providers who had the foresight to implement this well ahead of the RDR deadline.
 
 This is just the start the momentum will continue, we have a second wave of participants preparing to join the live running in the coming few weeks."

 
 Ed Dymott, Head of Business Development at Fidelity Worldwide Investment, comments:
 
 "We are extremely pleased to be at the point where automated re-registration now becomes reality, having been a part of the initial group working with Altus. We understand how important this is for the platform industry and we are encouraged to see how well a number of firms have collaborated to provide a solution."
 
 Hugo Thorman, Managing Director at Ascentric commented,
 
 "This is an important development that not only delivers a level playing field for platforms, but also supports the provision of an enhanced service to advisers and their clients. We are pleased to have played our part in supporting such a key milestone in the evolution of the platform market."
 
 Edward Glyn, Director - Funds, EMEA at SWIFT commented:
 
 "This industry initiative is an important step towards ensuring the long term health of the UK retail investment services marketplace. These first live Altus ISO20022 re-registrations bring key members of the SWIFT community together and demonstrate that the industry now has a viable solution in line with TISA Exchange Limited (TEX) recommendations for automated re-registration."
  

Back to Index


Similar News to this Story

Tariff turmoil makes DC providers reassess US allocations
DC providers are underweighting US equities amid concerns over tariffs, dollar weakness and concentration in mega-cap growth stocks. Market turbulence
Comment on on FCA Targeted Support proposals
Responding to the FCA’s proposals on Supporting consumers’ pensions and investment decisions: proposals for targeted support the Association of Profes
Broadstone advises on buyin for BDO LLP with Just Group
Collaborative approach between the Sponsor, advisers and both trustee boards secures transaction at an affordable cost. Benefits for all 1,000+ member

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.