The Platforms Association, a new membership body that seeks to represent and provide a voice for the investment platforms sector, has been launched.

Its establishment marked a “step change” in how the industry will engage with regulators and policymakers, aiming to bring a united voice to co-ordinate and promote industry interests.

The association has already developed a roadmap of priority issues that it would like to see tackled, covering evolving platform requirements, regulatory expectations, and operational efficiencies and improvements.

These three subject areas will be overseen by its Leadership Council, which comprises representatives from across the sector.

There are several platforms already represented on the board and Leadership Council, such as Abrdn, Aegon, Fidelity, Quilter, Seccl, SS&C, among others.

Membership will be open to UK and European regulated firms whose primary activities are the custody, settlement, and safe-keeping of retail investor assets, as well as to regulated sub-custodian firms providing dealing and safe-keeping services to organisations acting on behalf of retail investors.

Related financial and professional services firms, including Alpha FMC, have been appointed as independent strategic partners to the association.

The Platforms Association will be headed up by former TheCityUK, British Bankers’ Association, and Investment Association expective director, Keith Phillips as CEO.

SS&C senior director, David Moffat, will act as chair, drawing on expertise from a board made up of industry figures.

Commenting on the launch, Platforms Association chair, David 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 advisers and underlying investors." 

Platforms Association CEO, Kevin 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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