The Tax Incentivised Saving Association has created a council to help the financial services industry move towards a digital future.
The core activities of the Digital Innovation Policy Council will include the development of a Digital ID for financial services consumers and helping establish data sharing standards.
It will also provide input to new digital regulation, such as the revised Payment Services Directive.
This comes after a major study by PriceWaterhouseCoopers found many wealth management firms were "surprisingly complacent" when it came to adapting to digital changes.
David Dalton-Brown, the director general of Tisa, said: “The future is exciting – Tisa’s project to deliver a digital identity for the consumers of financial products is well advanced and about to enter the pilot testing phase.”
The Tisa boss also said the organisation is developing plans to introduce a hub for fintech innovators, with details to be announced shortly.
“Digitalisation is impacting on all areas of financial services and Tisa is also currently looking at robo-pensions, automated advice and digital applications to improve financial guidance,” he said.
The council also aims to support companies so they can operate more efficiently using technology, while supporting the government’s digital programme.
This new approach follows on from the appointment of Andrew Churchill as Tisa’s Digital Innovation Director in February.
Tisa has also appointed Phil Goffin, director at DST Innovate, as its chairman.
Mr Goffin is the co-founder of fintech firm Calastone and has a track record of designing, initiating, founding and supporting key disruptive financial services technology.
Philip Milton, managing director of advice firm Philip J Milton & Company, said he thought initiatives like these were a good idea, but that he was wary about lots of organisations competing with each other and all adding extra costs, rather than developing strategies collectively across organisations.
"That said, tech is clearly with us, but investing isn’t as easy as some might think; people need advisers to help guide them."
katherine.denham@ft.com
