Amid increasing regulatory scrutiny, Abrdn, Fidelity and SS&C have joined a new UK trade association for investment platforms.
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The Platforms Association aims to give a voice to a sector that has experienced a technology-driven growth spurt and now manages assets worth almost £1 trillion.
At launch, Abrdn, Aegon, Fidelity, Quilter, Seccl, SS&C are represented on the board and leadership council of the new body, while industry veteran Keith Phillips has been appointed CEO.
Phillips says: “The investment and funds industry has changed and democratized over the last decade, with millions of customers now interacting directly with their financial futures through one platform.”
“This is another example of the UK being a world leader in financial services. It is also clear that as the industry, technology and customer demographics continue to evolve, sector-wide coordination should now be fully implemented for the benefit of all.”
SS&C’s David Moffat, who will serve as chairman, added: “With economic uncertainty and regulatory scrutiny increasing, the UK platform industry now needs its own forum and representative voice.”
“The Platforms Association will seek to coordinate collective action and agree best practices for the benefit of platform operators, financial advisors and underlying investors.”
