A new trade body has been launched to represent the £1trn investment platforms industry.

The Platforms Association has already attracted supported from the likes of Aegon, Abrdn, Fidelity, Quilter, Seccl, and SS&C.

The new trade body will be headed by industry veteran Keith Phillips as chief executive. He was formerly an executive director at TheCityUK, British Bankers’ Association and The Investment Association.

David Moffat, senior director at fintech SS&C will act as chair, and will draw on expertise from a board made up of leading figures in the industry.

Membership will be open to UK and European regulated firms whose primary activities are the settlement, custody and safe keeping of retail investor assets. Membership will also be open to regulated sub-custodian firms providing dealing and safe-keeping services to organisations acting on behalf of retail investors. 

The launch marks a step change in how the industry will engage with regulators and policymakers, according to the Association. It aims to bring a united voice to co-ordinate and promote industry interests.

The Association has already developed a roadmap of priority issues to be tackled covering evolving platform requirements, regulatory expectations and operational efficiencies and improvements. The three broad areas will be overseen by a leadership Council comprising representatives from across the industry.

A number of high-profile platforms are represented on the board and leadership council including Abrdn, Aegon, Fidelity, Quilter, Seccl, SS&C and others. Related financial and professional services firms, including Alpha FMC, have also been appointed as independent strategic partners to the association.    

David Moffat, chair, The Platforms Association: "Given a background of increased economic uncertainty and regulatory scrutiny, the UK platform industry now needs its own dedicated forum and representative voice. The Platforms Association will look to co-ordinate collective action and agree best practice to the benefit of platform operators, financial advisors and underlying investors."  

Keith Phillips, chief executive, The Platforms Association: "The investment and fund industry has been transformed and democratised over the past decade with millions of customers now interacting directly with their financial futures through a platform. It’s also clear that as the industry, technology and customer demographics have evolved, sector-wide co-ordination should now be fully realised for the benefit of all."