Calastone, the funds transaction network, is to make its UK re-registration system available to clients after finishing tests successfully, the firm said.

Re-registration relates to how a fund can be switched from one platform to another without undue delay and cost. As a result of its tests, Calastone said, portfolio transfers can be executed on the same day.

Calastone completed testing through the Nucleus and Transact platforms, with the transfer of ownership done on a fund administered by third party provider, BNY Mellon.

The re-registration service is being driven by UK official regulations. Under the Retail Distribution Review programme of reforms on financial advisors and services, platforms must offer re-registration as part of their service by the end of next year.