The Platforms Association launched today (23 September) to represent £1trn investment platforms industry, with Aegon, Abrdn, Fidelity, Quilter, Seccl, SS&C among the players already on board to create "a new voice for the industry".
Over the past decade as emerging technologies have transformed the wider investment industry for both retail and institutional customers, the platforms sector has grown rapidly and is quickly approaching £1 trillion worth of assets under administration.
The Platforms Association’s launch marks a step change in how the industry will engage with regulators and policymakers and aims to bring a united voice to co-ordinate and promote industry interests.
Already, a number of high-profile platforms, cited above, are represented on the board 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. Membership will also be open to regulated sub-custodian firms providing dealing and safe-keeping services to organisations acting on behalf of retail investors.
The 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 (pictured) 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.
David Moffat, chair, The Platforms Association 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."
Keith Phillips, CEO, The Platforms Association said: “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.”
