The UK Platform Group has joined the Tax Incentivised Savings Association ‘Contract Club’ to support platform re-registration.

Tisa is proposing the adoption of a common standard for the transfer of assets. 

The UK Platform Group consists of well-known platform providers AXA Wealth, Cofunds, Fidelity FundsNetwork, Hargreaves Lansdown, Skandia and Standard Life.

The ‘Contract Club’ aims to overcome re-registration problems by acting as a depository for a standard set of non-commercial contracts between parties. There are currently over 18,000 individual contracts between platforms and funds.

It will also provide certainty about the behaviour and treatment of other parties in the event of transfers taking place.

The UK Platform Group believe that Tisa’s initiative is the most efficient way to manage indemnities for fund managers and platforms and is promoting full industry adoption. 

The Group said: “We firmly believe that this can provide benefits for all parties and expect that our fund manager partners will see these benefits, contribute and join up to the contract club standard.”

Other leading fund administration software providers are also supporting the scheme. It is hoped that the standard re-registration contract will be available by the end of the year.