The project has now been handed over to TISA Exchange (TeX) who will deliver the transfer of assets via a “contract club” – an agreement for a common re-registration standard.

TeX was set up in September 2011 and is a not-for-profit organisation run independently of TISA but benefiting from its support.

It will provide certainty for consumers and clients that re-registration is being completed to an industry standard.

The organisation hopes that by having one common set of terms, this will reduce industry costs and risk.

The project was first discussed in July 2009 and a group of major platforms, third party administrators and fund groups came together to finance the programme.

Malcolm Small, TISA director of policy, said: “This was the first TISA project to bring the industry together on such a large scale to help define the problem, identify the steps that needed to be taken and then to deliver an agreed and workable solution. “It is a model we have used on subsequent TISA projects focused on distributor funds and structured products and will continue to use to help the industry meet the best interests of the consumer.”

The scheme has been managed since June 2010 by Alistair Reid.

David Dalton-Brown, chairman of the TISA re-registration executive committee, said: “I would like to thank Alistair for his highly successful management of this cross-industry project. It became clear early in the process that in order to deliver this project in line with the FSA’s expectations we would need to create a number or workstreams to consider the key aspects.

“It is testament to Alistair that these have all met their objectives leading to the establishment of TeX.”