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Criterion and TeX to collaborate on improving transfers and re-reg processes

15 November 2017

Criterion and TeX look set to collaborate in supporting the Transfer and and Re-registration Industry Group (TRIG) in overhauling the transfer and re-registration processes, across long-term savings and investments.

Criterion is the independent, not-for-profit industry body for Standards and Governance working in the UK’s long-term savings, investment, pensions and protection markets, agreeing sustainable Standards on data movement and automation processes.

TISA Exchange Limited (TeX) was 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.

Criterion managing director Caroline Mansley (pictured) said: “Collaborating with TeX enables us to bring together the best of both organisations capabilities. TRIG have initiated and identified the catalogue of transfers that are available to customers today. It is a long list, with some areas more complex than others. There will be a number of solutions – one size does not fit all.

“We anticipate by applying our collective expertise, we can then identify priorities for standardisation, which ultimately, will help set consumer expectations and drive delivery of improved customer outcomes.

“Our industry has to put the consumer at the heart of its thinking and I am determined to deliver this. We have to start somewhere, and Criterion believes that initial efforts will help stimulate additional innovation to consider how best to automate and or simplify the more complex transfers further down the line.”

TeX director and interim chair Carol Knight said: “TeX and Criterion have a shared ambition to bring about the changes necessary to ensure that investors are able to transfer pension and other investment assets in a timely manner.”

Both companies said they fully supported the recommendations by TRIG and wanted to help move forward with the practical implementation of those recommendations.

Knight added: “By working together we hope to be able to speed up the process of identifying and developing the open standards, service level expectations and automated procedures that will underpin future good practice in transfers and re-registrations.

“We look forward to a fruitful relationship with Criterion to help deliver the customer experience improvements that the TRIG has set out to achieve.”

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