Facing increasing regulatory scrutiny, Abrdn, Fidelity, and SS&C have joined a new UK trade association for investment platforms.
The Platforms Association aims to provide a voice for a sector that has experienced significant technology-driven growth, now managing nearly £1 trillion in assets. At its inception, Abrdn, Aegon, Fidelity, Quilter, Seccl, and SS&C are represented on the new organization’s board and leadership council, with industry veteran Keith Phillips appointed as CEO.
Phillips stated, “The investment and fund industry has been transformed and democratized over the past decade, with millions of customers now directly engaging with their financial futures through platforms. This is another example of the UK’s leadership in financial services. As the industry, technology, and customer demographics evolve, it’s essential that we realize sector-wide coordination for the benefit of all.”
David Moffat from SS&C, who will serve as chair, noted, “In light of increased economic uncertainty and regulatory scrutiny, the UK platform industry requires its own dedicated forum and representative voice. The Platforms Association will work to coordinate collective action and establish best practices for the benefit of platform operators, financial advisors, and underlying investors.”