TeX is a not-for-profit organisation which works with the industry to ensure that the maximum benefit is provided to all members.
TeX manages and runs the complete set of non-commercial contracts between parties that cover standards, service level agreements and matters of liability concerning all aspects of transfers.
The provision of common non-commercial contract terms for transfers provides certainty for customers and firms that the process is being completed to an agreed industry standard. It will also significantly reduce cost, risk and duplication for the industry by removing the need for each platform, service provider, ISA manager, nominee, TPA and fund manager to have individually agreed contract terms covering transfers. There is just one common set of legal agreements and documents terms that are maintained by TeX.
Every member knows what the terms are and the standards set out in the Service Level Agreement. This provides clarity and consistency for members and for all parties involved in carrying out transfers through TeX.
TeX is independent from TISA but benefits from being linked to the TISA brand through name, the expertise provided by the two corporate entity directorships and the administrative support provided by TISA.