The Platforms Association has announced the launch of an industry-wide initiative aimed at making transfers between investment platforms more efficient.

The initiative, Transfers Workstream, is designed to make transfers faster, simpler, and more transparent for consumers in the UK platform sector.

Transfers in the scope of the workstream include the movement of funds, assets, and ownership rights between platforms or financial institutions.

SECCL executive chair, David Ferguson, and The Platforms Association special adviser, Lucy Bristow, will co-chair the initiative.

It will bring together representatives from more than 20 platforms and service providers, aiming to tackle transfer challenges that the association said had persisted in the industry for over 25 years.

A range of potential solutions to improve the transfer experience and outcomes will be explored, including how to improve communication and cooperation between platforms to reduce friction; the adoption of standardised electronic processes for faster completion; and working with regulators to streamline regulations and clarify responsibilities for data protection and consumer experience.

The Platforms Association said the initiative was established in response to transfers being identified as the primary concern for the platforms industry by the Financial Conduct Authority (FCA).

Almost a third (30 per cent) of transfer discovery messages are being rejected on the first attempt, primarily due to account number format issues and data validation failures, which the association said highlighted the need for industry-wide standardisation and improvement.

"For too long, customers have faced unnecessary delays and complexity when transferring their investments between platforms,” commented Ferguson.

“This workstream represents an important initiative for the industry – bringing together the collective expertise and commitment of the sector's leading players to fundamentally transform the transfer experience.”

Bristow added: "Our mission is clear, we want better outcomes for consumers by making transfers faster, simpler, and more transparent through collaboration and innovation. The workstream will meet monthly to maintain momentum."

Also commenting on the initiative launch, The Platforms Association CEO, Keith Phillips, said: "Transfers have consistently ranked as the number one operational challenge facing our industry.

“This workstream isn't just about identifying problems – it's about delivering tangible, measurable improvements that will benefit millions of investors across the UK.

“We're committed to working collaboratively with our members and the FCA to ensure this initiative delivers concrete results that improve customer outcomes."

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