PlatformsOct 29 2014

Platforms band together to form new trade body

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A new platform trade body of 28 operators has been created to replace a previous exclusive body that included only six platforms.

The UK Platform Group will work with the FCA and Treasury on regulatory, tax, savings policy and consumer issues.

It will also look to identify ways platforms can be more efficient and effective for consumers.

The 28 founding members represent over 95 per cent of platform assets and the group said it is open to new members.

Previously, Hargreaves Lansdown, Fidelity, Axa, Standard Life, Cofunds and Old Mutual had their own group. However, they have agreed to disband and join the new trade body.

The new group has appointed Ed Dymott, head of business development at Fidelity Worldwide Investment, as its first chair, which will have a year-long term.

Mr Dymott said: “There are industry issues which could benefit from greater collaboration between providers, to ensure that customer outcomes can continually improve and that we drive efficiencies within the market.”

The group plans to meet every quarter and the first meeting is scheduled to take place before the end of the year.

The members of the newly formed body, which includes both direct to consumer and advised platforms, are listed below.

7imAJ BellAegonAlliance Trust Savings
AscentricAvalonAvivaAxa Wealth
BarclaysCharles StanleyCofundsFidelity
Hargreaves LansdownHSBCJames HayMoney on Toast
NoviaNucleusNutmegOld Mutual Wealth
ParmenionPraemiumShare CentreStandard Life
Tilney BestInvestTowryTransact Zurich