In the wake of the IMA setting out six principles for investment managers and advisers to follow to improve efficiency within fund administration, Etheios challenges the industryâs regulator to play their part in working towards fast, effective straight through processing with client-side financial institutions.
Mark Seaman, Principal Consultant at Etheios, commented: âCurrently the FSA requires a wet signature for mutual fund transfers. However, the Inland Revenue has approved the use of electronic transmission of the wrapper for PEP and ISA transfers between plan managers, so we believe it should also be possible for unwrapped transfers to be carried out electronically.
âWhile we fully support the aims of the IMAâs six principals, we believe that there are some major obstacles which need to be overcome in order to achieve these objectives. The open-ended fund industry, including the regulator, needs to meet these challenges in order to improve our efficiency.â