A new body has been launched to "provide a voice" to the investment platform sector.
The Platforms Association will engage with regulators and policy makers on behalf of the industry and platforms including Abrdn, Aegon, Fidelity, Quilter, Seccl, SS&C are already represented on the board and leadership council.
It will be headed up by Keith Phillips as CEO, formerly an executive director at TheCityUK, British Bankers’ Association and The Investment Association.
While David Moffat, senior director at SS&C will act as chair.
Phillips 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.”
Membership will be open to UK and European regulated firms whose primary activities are the settlement, custody and safekeeping of retail investor assets.
The body said it has developed a 'roadmap' of priority issues to be tackled.
Moffat added: "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."
tara.o'connor@ft.com
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