Become a TeX member

This will indicate your intention to process re-registrations and also to move towards electronic messaging in order to facilitate those transactions. Simply complete the TeX Joining Form to start the onboarding process.

There is a one-off joining fee, payable after you have signed the TeX Joining Declaration which will be sent to you via our digital identity platform YOTI after your application has been submitted. This fee, which is applicable to all full members, is £5000 + VAT.

The benefits of joining will be a key indicator to the FCA that firms who join are committed to improving standards. We do know from comments in previous FSA documents that: “Given the TISA initiative, which we support, we do not think it is appropriate for us to set prescriptive rules regarding timescales for re-registration at this stage.” (FSA Policy Paper PS11/9 Platforms). As they see firms join TeX, the FCA will continue to leave the industry to manage this matter without additional regulatory constraints.

Joining TeX will allow you to participate in relevant TeX Groups and access the members only area of the TeX website but does not provide access to the TeX register and other secure services reserved for registered members.

When you are ready to send/receive ISO 20022 messages and need the legal agreements necessary when the client’s signature/authorisation remains with their new provider, you need to take this second and final step to go onto the Register of Members by completing the TeX Registration Form. The annual membership fee is payable after you have signed the TeX Registration Declaration which will be sent to you via our digital identity platform YOTI after your application has been submitted. The membership year runs 1 July to 30 June. Completing the TeX Registration Declaration includes signing up to be bound by the Contract Terms and other associated documents and gives you the reassurance that all the liability risks are then covered.

The categories of membership are: Service Provider; Asset Manager; Multi-Role Member (i.e. both of the previous categories operating under one legal entity) or Pension Provider.

Service Provider: a firm who is a product provider (other than an operator of a regulated collective investment scheme or an investment trust savings scheme as described in paragraph (iii) of the FCA Handbook’s definition of product provider), an ISA manager (providing funds from more than one fund manager) or a platform service provider ( as defined by FCA). The annual fee for this category is £3,400 + VAT.

A firm falls into the Service Provider category if they meet the FCA definition of a Platform Service as a service which:
(a) involves arranging and safeguarding and administering assets; and
(b) distributes retail investment products which are offered to retail clients by more than one product provider;
but is neither:
(c) solely paid for by adviser charges; nor
(d) ancillary to the activity of managing investments for the retail client. 

Asset Manager: a firm who is responsible for the maintenance of a fund’s register of holders and repurchasing of units that are to be redeemed. This category also includes fund managers who offer an ISA wrapper which includes only their own funds. The annual fee for this category is £2,270 + VAT.

Multi-Role Member: if one over-arching company operates both a Service Provider and an Asset Manager, then they can join as a Multi-Role Member with an annual fee of £5,670 + VAT. This provides no difference in overall cost but a Multi-Role Member would get just one vote.

Pension Provider: is a party who is responsible for the provision and administration of a Pension Scheme or if one is appointed for the relevant Pension Scheme, the Pension Administrator. This registration is free to all members who currently have an active membership under the above listed categories. If you are not currently registered the annual fee for this category is £2,270 +VAT.

To register in one of the above categories, firms need to have at least one of the following Financial Services Firm Register permissions:

• Agreeing to carry on a regulated activity
• Arranging (bringing about) deals in investment
• Arranging, safeguarding and administration of assets
• Safeguarding and administration of assets (without arranging)
• Managing a UCITS
• Managing an authorised AIF
• Managing an unauthorised AIF

So if a firm has none of the appropriate permissions, is not a pension provider, is not a fund manager nor has a contractual relationship with any underlying client and therefore is not a product provider, ISA manager or offers a Platform service, then they would be an associate.

Associate: Associates do not sign up to the legal terms as the firm does not carry liability to the underlying client. It is purely a side letter together with the associated privacy policy, glossary and confidentiality terms. They would be able to join any of the Advisory Councils which are part of the club and thereby be involved in all future development but do not have the right to vote on any issue.

The fees for associates are a £2,000 + VAT one-off joining fee and a £1,130 + VAT annual fee. If this category applies to your firm then please contact tex@tisaexchange.co.uk for the appropriate application documents.