Account Transfers

Actuare's solution for portfolio account transfers enables platforms, wealth managers and pension providers to efficiently transfer client assets. The solution supports transferring in and out a variety of wrappers, including ISAs, SIPPs and pension products within the United Kingdom, as well as general client portfolios.

Client assets can either be transferred in-specie or as cash. Also, a variety of assets are supported, which include investment funds and CREST registered securities, along with possible custody and unit class conversion of the same.

The solution conforms to the latest market practice standards and to the requirements for participation in TISA Exchange Limited (TeX). Actuare is an active member in TeX, TISA and the UK Funds Market Practice Group (UKFMPG). We have also helped shape the industry solution from the outset.

Automation 'step by step'

The Actuare system enables users to progress step-by-step to an automated solution depending upon their business needs. For example, users can start with electronic records and develop automation with other participants as those participants and different processes come on-board. Additionally, users can add on different levels of integration with applications, in order to use in-house data, achieve end-to-end automation and meet various objectives.

Alternatively, the Actuare system can be used to extend a user's preferred transfers system. For example, this could allow retention of existing modules within a platform whilst employing Actuare to look after the messaging involved and maybe to provide connectivity. This may include keeping messages up-to-date with current market practice and ensuring interoperability with other implementations.

Interoperability is a key priority for us

Actuare spends considerable time working and testing interoperability with the other TeX solution providers. Our solution is fully interoperable with the other providers using ISO 20022 over SWIFTNet Funds. In addition, we support multiple versions of the market practice and other secure communication channels.

Cash ISAs - Actuare is working with the industry to find a solution for interoperability between TeX for Stocks and Shares ISAs, and Bacs for Cash ISAs.

Pension transfers - Actuare is also working to help ensure interoperability between pension transfer systems. We participated in the Department for Work & Pensions (DWP) Automatic Transfers project for the reduction of small pots following Automatic Enrolment in the UK. However, the project has been delayed until the completion of Automatic Enrolment staging in 2018.