A new trade body has launched for the investment platforms sector, which will aim to co-ordinate and promote the industry’s interests.
The Platforms Association will aim to tackle issues in three priority areas, including evolving platform requirements, regulatory expectations and operational efficiencies and improvements.
Fidelity, Quilter, Aegon and abrdn are among the initial firms to join the trade body.
Membership will be open to UK and European regulated firms whose primary activities are the settlement, custody and safe keeping of retail investor assets.
Regulated sub-custodian firms, which provide dealing and safe-keeping services to organisations acting on behalf of retail investors are also eligible to join.
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The association will be headed by CEO Keith Phillips, who has formerly held executive director roles at TheCityUK, British Bankers’ Association and The Investment Association.
Meanwhile, SS&C senior director David Moffat has been appointed as chair.
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 advisors and underlying investors.”
CEO Phillips 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.”
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