Putting investors in control of moving their money around the financial system
- TeX and Criterion announce collaborative project
- Builds on work of the Transfers and Re-registration Industry Group
TeX and Criterion have announced plans today to collaborate on financial product transfer standards. This announcement builds on the work of the industry-wide Transfers and Re-registration Industry Group (TRIG) which is developing a best practice model for a wide range of transfer activity. TRIG has been working in consultation with regulators and government departments, to deliver a robust and durable industry-led solution to this complex challenge.
The TRIG work will create a standard for companies to work to and against which they can be held to account by regulators.
The TeX/Criterion collaboration is a step towards creating a single governance structure for all transfers and re-registration of individuals’ savings and investments.
Hargreaves Lansdown comment
Tom McPhail, Head of policy (and Chairman of the TRIG):
"Trade bodies and individual firms from across the financial services industry have been working together to improve customers’ experience when moving their money and assets between companies. This announcement from Criterion and TeX is another step towards putting in place a structured, well-governed industry-led solution. Hargreaves Lansdown has been an active supporter in this process and we welcome this announcement."
About TeX and Criterion
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. 98 groups have joined TeX and members administer over 97% of platform assets and over 95% of industry funds under management.
Criterion is the new, independent, not-for-profit industry body for Standards and Governance. Placing the consumer at the heart of their approach enables Criterion to power solutions that solve their problems. Through their expertise and collaboration, Criterion leads the UK’s long-term savings, investment, pensions and protection markets in agreeing sustainable Standards to revolutionise data movement and automation processes – bringing comprehensive understanding, fresh perspective and connected thinking.