Facing increasing regulatory scrutiny, Abrdn, Fidelity and SS&C have joined a new UK trade association for investment platforms.
The Platforms Association aims to provide a voice for a sector that has seen a technology-driven growth spurt and now has nearly £1 trillion worth of assets under administration.
At launch, Abrdn, Aegon, Fidelity, Quilter, Seccl, SS&C are represented on the new body's board and leadership council, while industry veteran Keith Phillips has been tapped as CEO.
Says Phillips: “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.”
SS&C's David Moffat, who will act as chair, adds: “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.”