Axa Elevate picks Calastone for auto re-reg

Elevate chief operating officer Andrew Smith

Axa Elevate has chosen fund transaction network Calastone to provide its automated re-registration service.

The Financial Conduct Authority requires platforms to allow re-registration, though it does not require the process to be automated.

The Elevate system will go live this month, Axa and technology provider FNZ have been trialling the system of the last few weeks.

A recent Money Marketing study revealed a number of platforms had yet to sign up to a message vendor meaning transfers involving those platforms must be carried out manually.

Aegon, Aviva, James Hay, Zurich, Seven Investment Management, Raymond James Investment Services and Alliance Trust are all yet to appoint a vendor. Standard Life will use Altus although this is not yet live.

Elevate chief operating officer Andrew Smith says: “It is important that advisers, and their clients are able to move assets easily to create a competitive market. Without this consumers are unfairly tied to their existing service. This freedom of choice is a fundamental principle we strongly believe in.”