Written by Howard Finnegan on 22 January 2015
Today, Altus Business Systems has released its’ most recent data revealing the current state of the electronic transfer and re-registration market. This data has shown that electronic transfers and re-registrations continued to increase during the fourth quarter of 2014, while overall transfer times and the volume of rejections have significantly reduced.
Consequently, signs of competition and innovation within the pensions market have now begun to emerge in keeping with the aims and objectives set out last year by the FCA and the latest Budget reforms.
The main highlights of the quarter were:
- 14 of the top 20 advisor platforms are live with electronic transfers representing over 80% of AUA (7 using the Altus Transfer Gateway or 68% of AUA).
- The top 7 D2C platforms are now executing live electronic transfers covering over 60% of AUA on D2C platforms (5 using Altus Transfer Gateway).
- 7 Wealth Managers are now supporting electronic transfers (4 using Altus Transfer Gateway).
- 67 Fund Managers representing almost 90% of UK FUM are supporting electronic transfers and re-registrations.
- Over 1 million transfer messages were sent over SWIFT during 2014.
- Volumes continue to increase with a 12% increase over Q3 2014.
- Majority of client portfolios transferring within 6 working days, many completing within just a few minutes.
Howard Finnegan, Head of Sales and Marketing at Altus Business Systems says:
‘We are pleased to report that the ongoing work we have been doing behind the scenes to improve the state of pension transfers has really started to really pay off. Competition between providers in the form of product innovation has finally started to kick off just in time for the next Election and the implementation of the new pension legislation.’
‘It is encouraging that there are now over 100 TeX members supporting electronic transfers and re-registrations electronically and the number supporting the latest version of the transfer standards (including equities, supporting intermediates/custodians and pension wrappers) has also dramatically increased during the fourth quarter of 2014.’
TeX Chairman, David Dalton-Brown, says: ‘We have made extraordinary progress over the past 12 months in improving the transfers market and today’s announcement truly demonstrates the positive response we have received from providers in reducing the time taken to transfer a customer’s portfolio of assets, and a significant reduction in rejections.
TeX has worked closely with Altus to ensure that systems are compatible and with over 100 TeX members supporting electronic transfers and re-registrations electronically, it demonstrates the increased demand from members. We believe in rigorous open standards, competition, lower industry costs and, most importantly, better consumer outcome. We owe it to investors to ensure that this functionality is available and to reduce the time it takes for these transfers to take place.’
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