The Platforms Association launches today to represent and provide a voice to the £1trn investment platform sector.
The launch marks a step change in how the platform industry will engage with regulators and policymakers.
It aims to bring a united voice to co-ordinate and promote industry interests.
Several high-profile investment platforms including Abrdn, Aegon, Fidelity, Quilter, Seccl and SS&C are represented on the board and leadership council
Membership will be open to UK and European regulated firms whose primary activities are the settlement, custody and safe keeping of retail investor assets.
It will also be open to regulated sub-custodian firms providing dealing and safe-keeping services to organisations acting on behalf of retail investors.
The Platforms Association has already developed a roadmap of priority issues to be tackled covering evolving platform requirements, regulatory expectations and operational efficiencies and improvements.
These three broad areas will be overseen by a leadership council comprising representatives from across the industry.
Related financial and professional services firms including Alpha FMC have also been appointed as independent strategic partners to the association.
The trade body will be headed by industry veteran Keith Phillips as CEO, formerly an executive director at TheCityUK, British Bankers’ Association and The Investment Association.
David Moffat, senior director at SS&C, will act as chair and will draw on expertise from a board made up of leading figures in the industry.
Moffat said: “Given a background of increased economic uncertainty and regulatory scrutiny, the UK platform industry now needs its own dedicated forum and representative voice.
“The Platforms Association will look to co-ordinate collective action and agree best practice to the benefit of platform operators, financial advisers and underlying investors.”
Keith Phillips, CEO of The Platforms Association, added: “The investment and fund industry has been transformed and democratised over the past decade, with millions of customers now interacting directly with their financial futures through a platform.
“It’s another example of where the UK is a world leader in financial services. It’s also clear that as the industry, technology and customer demographics have evolved, sector-wide co-ordination should now be fully realised for the benefit of all.”
The elephant in the room which is missing….
The Adviser Network, or opinion to, or collective input, or thorugh their trade bodies – CII (:-D), PFS… two pence halfpenny worth – No?
Maybe the advice sector needs its own Pearl Harbour moment – as the Japanese Admiral put it –
‘I know Americans (Harvard) and this will be the greatest possible affront… all I fear we have done is to awaken a sleeping giant and filled him with a terrible resolve’….
As a whole, advice is more than the providers!