The UK platform group is calling for regulatory changes, including the abolition of the packaged product regime.
The group says the regime is outdated and a hindrance to simplifying regulation.
It is also wants improved reporting standards and for fund managers’ reporting of sales data to the Investment Management Association to be included within the FSA’s reporting requirements.
The group says one of its major drives this year will be to develop robust inter-platform re-registration processes. Fund supermarkets have been criticised by advisers for not supporting the free re-registration of funds off a platform.
The platform group comprises representatives from Cofunds, Fidelity Fundsnetwork, Standard Life, Selestia and Skandia Multifunds. The Investment Management Association is also represented at meetings and consulted on key issues.
Selestia and Skandia MultiFunds chief executive Brett Williams says: “The group is to present a united voice on regulatory issues and we believe that many of the regulations around today no longer sit happily with the future shape of the savings market. It is important that we engage with our stakeholders, including trade associations, and future consultation with other platforms. It is vital that we all work together to achieve common standards.”
Head of FundsNetwork David Dalton-Brown says: “As the formation of the platform group was announced just a few months ago, I am delighted that our next announcement is one of action, having submitted a paper to the FSA.
“The changes we propose are long overdue and I am confident that we will be able to help shape the future of the industry, its regulations and operation policies for the benefit of advisers and investors.”