Altus announces full support for share class conversions ahead of FCA regulations

Financial Services software and consultancy services provider Altus announces today that the latest release of its Altus Transfer Gateway allows financial services providers to support the entire share class conversion process. This announcement comes three months before the FCA regulations “Making Transfers Simpler” are enforced on 1st February 2021.

Altus’s software will enable the automation of the conversion process from the ceding platform through to the fund managers. It will also include the list of conversions supported by the ceding provider for each asset included in the transfer. By automating the entire process, financial services providers will be able to ensure quicker and smoother transfers for the end-investor.

Altus Business Systems Director Ben Cocks commented: “Share class conversions is a key part of the FCA’s drive to make transfers easier and encourage competition between platforms. The industry has been working hard to meet the regulatory deadline of 1st February 2021 but in these difficult times it is no surprise that some are still struggling. The objective of our work has always been to make it easier for financial services providers to give a great service to their customers. With this latest release of the Altus Transfer Gateway we hope to help more companies to be conversion-ready in good time for the deadline.”