UK investment platforms commit to improving transfers

Some of the largest investment platforms in the UK have signed up to The Platforms Association’s Transfers Charter, committing to improve the speed, efficiency and transparency of investment transfers.

The charter, which was developed in collaboration with platform providers with support from legal firm Osborne Clarke, commits the association’s members to taking direct and measurable action to improve customer outcomes, operational efficiency, and transparency throughout the transfer journey.

Several of the largest platforms in the UK have signed up, including: Aberdeen Adviser, Aegon, Aviva, Benchmark, Fidelity International, FNZ, Hargreaves Lansdown, M&G Platform, Morningstar Wealth Platform, Nucleus Financial, P1 Platform, Quilter, Scottish Widows (Embark), Seven Investment Management, Transact, True Potential, Vanguard Asset Management, and Wealthtime, among others.

Technology infrastructure providers Calastone, Equisoft, GBST, and Origo have also committed to the charter.

The Platforms Association said that, by endorsing the charter, the platforms industry had demonstrated its determination to work collectively to address long-standing challenges and provide a more efficient transfer experience for advisers and consumers.

A programme of work is underway, with a focus on monitoring delivery and progress against charter commitments, improving transparency and communication during transfers, and addressing non-standard assets by clarifying their classification and standardising their transfer processes.

The work will also focus on supporting more efficient adviser-led bulk transfers by rolling out an industry framework, analysing simple and complex transfers to deliver more standardised and effective processing across platforms, and rationalising the use of standard transfer forms.

The Platforms Association said it would continue to engage with the industry and key stakeholders to share best practice and ensure improvements deliver a better transfer experience.

"The response from industry shows a real commitment to change and confirms that improving transfers is a shared priority,” said The Platforms Association CEO, Keith Phillips.

“The charter is turning that commitment into action – cohering the sector around delivery, progress tracking and collective working.

“As a living document, it will continue to evolve, to keep driving a transfer process that works better for everyone: customers, advisers and firms."

The Financial Conduct Authority head of department consumer investments supervision, Kate Tuckley, added: “We have challenged firms on significantly improving consumer outcomes when it comes to investment transfers and are pleased to see so many committing themselves to doing so.

“We will continue our engagement with the sector to drive the change required.”

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