The operators of the UK’s 28 investment platforms have joined forces to create a new trade body known as the UK Platform Group.
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The group’s 28 founding members together represent 95% of platform assets.
The members include 7im, AJ Bell, Aegon, Alliance Trust Savings, Ascentric, Avalon, Aviva, Axa Wealth, Barclays, Charles Stanley, Cofunds, Fidelity, Hargreaves Lansdown, HSBC, James Hay, Money on Toast, Novia, Nucleus, Nutmeg, Old Mutual Wealth, Parmenin, Praemium, Share Centre, Standard Life, Tilney BestInvest, Towry, Transact and Zurich.
The group aims to engage with the Financial Conduct Authority and the Treasury on various issues, which include regulation, tax, savings policy and consumer issues. It will also help identifying areas to improve efficiency of the platforms.
The new group replaces an existing body whose members include Hargreaves Lansdown, Fidelity, Standard Life, Cofunds, AXA Wealth, and Old Mutual.
The new group will be chaired by Ed Dymott, Fidelity’s head of business development, for the first year, with a new chairperson appointed every year.
It will meet at least quarterly and will be supported by the Wealth Management Association during its first six months of formation.
