Major players join forces to create first platform committee

Cofunds, Fidelity FundsNetwork, Skandia, Selestia and Standard Life have joined forces to form the UK’s first representative Platform Committee.

The committee has been created to develop industry-wide standards for consumer, advisers and fund providers and will involve input from the Investment Management Association.

The Platform Committee will represent the sector and review and improve industry processes and regulations. Its aims include agreeing improved reporting of fund sales data via the IMA and other trade bodies and working to improve provider to platform re-registration.

The representatives are Cofunds chief executive officer Charlie Eppinger, Fidelity FundsNetwork executive director David Dalton-Brown, Standard Life Assurance chief executive Trevor Matthews, Skandia Multifunds & Selestia chief executive officer Brett Williams.

Eppinger says: “Platforms have become an extremely significant factor in the mutual funds industry in the last few years – already accounting for over £28bn in fund assets and growing rapidly.

“The intention of this committee is to acknowledge the increasing importance of the platform industry and to improve market practice with the clear objective of treating the customer fairly with a range of services that deliver simplicity, flexibility, accessibility and fairness.”