It’s been a while since we last explored the UK electronic investment transfers and re-registration market, and what a year it’s been! Over the past 12 months, the market has continued to evolve, particularly across the Wealth Management, D2C/Execution-Only, and Pensions segments.
Let’s dive into the key developments from Q4 2025 and what’s on the horizon.
Steady growth across the board #
2025 saw consistent growth in the number of live counterparties actively supporting electronic transfers. This includes major players across the Wealth Management, D2C, and Pensions market segments.
The volume of completed electronic transfers also surged, reflecting broader growth in assets under administration (AUA) and the expansion of asset classes that can now settle electronically.
Most counterparties have now implemented the latest TeX/UKETRG open standards, enabling support for a wider range of asset classes, 34 Places of Settlement (PSETs), and multi-currency capabilities.
Enquiry & Information (E&I) messaging: A game changer #
One of the most impactful enhancements to TeX/UKETRG standards in 2025 was the introduction of Enquiry & Information (E&I) messaging. Think of it as instant messaging for transfer queries.
With a three-day service level agreement (SLA) for responses, E&I messaging streamlines communication between counterparties, reducing delays and eliminating the traditional back-and-forth that slows transfers.
Market coverage snapshot #
Here’s where adoption stands across key segments:
Adviser platforms
- 27 platforms support electronic transfers, covering 99.3% of AUA.
- All top 20 platforms are live.
- 16 platforms (52.3% AUA) use Equisoft/transfer.
Direct-to-consumer (D2C) platforms & execution-only brokers
- 36 platforms support electronic transfers.
- All top 10 D2C providers are live.
- 29 platforms use Equisoft/transfer.
Wealth managers & private clients
- 98 firms support electronic transfers.
- 8 of the top 10 AUM firms are active.
- 95 firms use Equisoft/transfer.
White labels, family offices & charities
- 28 organisations support electronic transfers.
- 20 of these organisations use Equisoft/transfer.
Custodians & intermediate unit holders
- 10 firms now support electronic re-registration.
- 7 of these firms are powered by Equisoft/transfer.
Fund managers
- 195 firms, representing 96.1% of UK Retail & Private Client funds by FUM (IA – July 2025).
- 64 firms (50.9% by FUM) use Equisoft/transfer.
Pension providers
- 36 providers support open-standard electronic transfers and re-registration.
- 19 using Equisoft/transfer.
What’s next for the UK’s investment transfers market? #
Looking ahead, momentum across the UKETRG community is set to continue. Growth is expected to remain strong among Wealth Managers and D2C platforms, with the most significant increase in participation likely to come from pension providers in 2026.
Further progress is also on the horizon with the TeX/UKETRG market practice upgrade planned for November. This release will introduce several targeted enhancements, including mandatory provision of the acquiring account type for LISA transfers to enable automated bonus reclaims, and clearer identification of ETF denominations to support multi‑currency instruments and reduce transfer risk.
The upgrade will also refine the account transfer rejection reason framework, providing more granular data to help inform future improvements in transfer times. Additional changes include a minor messaging update to the beneficial owner indicator, a simpler cash‑based approach to partial previous‑year ISA transfers (including S&S ISAs), and a suite of updates to better support the transfer of pensions in drawdown following the abolition of the Lifetime Allowance (LTA).
Join the conversation: Making transfers better #
In 2025, we hosted a series of virtual sessions under the theme “Making Transfers Better”, helping industry participants improve efficiency and deliver better consumer outcomes.
Catch up on the sessions here:
- Making Transfers Better: Reducing & Resolving Rejections
- Making Transfers Better: Achieving Faster, Smarter Transfers Through Integration
- Making Transfers Better: What You Need to Know About Electronic Conversions
Stay tuned for our next session, where we’ll tackle how to deal with non-electronic counterparties in the transfer value chain.
If you’re involved in electronic investment transfers, now’s the perfect time to catch up, get involved, and stay ahead of the curve.
