Major platforms have agreed to form a new industry body to represent their interests, Money Marketing can reveal.
Fidelity head of business development Ed Dymott will head up the organisation, called UK Platform Group.
It supersedes a body of the same name, of which only Hargreaves Lansdown, Fidelity FundsNetwork, Cofunds, Standard Life and Old Mutual Wealth were members.
There are 28 founding members of the new group, representing 95 per cent of platform assets.
The members are: 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, Parmenion, Praemium, Share Centre, Standard Life, Tilney BestInvest, Towry, Transact and Zurich.
The group will meet on at least a quarterly basis, with the first meeting to take place before the end of the year. A new chair will be appointed every 12 months.
It will aim to work proactively with bodies such as the FCA and Treasury, tackling issues relating to regulation, tax, savings policy and consumer issues. It will also focus on driving market best practice.
Dymott says: “The platform market is now a major part of the UK savings landscape, representing millions of investors, a significant proportion of the advisory market, and is approaching £500bn of assets.
“However, 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 market continues to grow exponentially and the formation of this group demonstrates the next stage of maturity of platforms. This group is the first time all members of the platform industry have a forum where they can actively collect and present the various views of industry participants.”
The group will be supported by the Wealth Management Association over a six-month pilot.
WMA chief executive Liz Field says: “The WMA will be supporting the six-month pilot of the UK Platform Group. A third of the group are already members of the WMA and we look forward to working with and supporting the group members.”