The Platforms Association has launched a Transfers Workstream aimed at speeding up and simplifying the movement of assets between investment platforms.
The initiative will be co-chaired by David Ferguson, executive chairman at Seccl, and Lucy Bristow, special adviser to the association and formerly of Wealthtime.
It brings together more than 20 platforms and service providers to address challenges that have frustrated consumers and advisers for decades.
The group will explore ways to improve communication between platforms, adopt standardised electronic processes to reduce friction, and work with regulators to streamline rules on data protection and customer experience.
It will meet monthly, with the first meeting scheduled for today (10 September).
The launch follows the Financial Conduct Authority naming transfers as its top concern for the platforms sector.
Industry data shows 30% of transfer discovery messages are rejected at first attempt, mainly due to account number format errors and data validation failures.
Ferguson said: “For too long, customers have faced unnecessary delays and complexity when transferring their investments between platforms.
“This workstream represents an important initiative – bringing together the sector’s leading players to fundamentally transform the transfer experience.”
Bristow added: “Our mission is clear – better outcomes for consumers by making transfers faster, simpler and more transparent through collaboration and innovation.”
Platforms Association chief executive Keith Phillips said transfers have “consistently ranked as the number one operational challenge” for the industry.
He added: “This workstream isn’t just about identifying problems – it’s about delivering tangible improvements that will benefit millions of investors across the UK.”
The Platforms Association, launched in October 2024, represents more than £1tn of assets under administration.
