The UK’s leading investment platforms have signed up to The Platforms Association’s Transfers Charter.
The Charter, which has been developed in collaboration with platform providers and legal firm Osborne Clarke, aims to improve customer outcomes, enhance operational efficiency and increase transparency throughout the transfer journey for investment customers and advisers.
Platforms that have signed up include Aberdeen Adviser, Aegon, Allfunds, Aviva, Benchmark, Clearstream, Fidelity International, FNZ, Hargreaves Lansdown, M&G Platform, Morningstar Wealth Platform, Novia Global Ltd., Nucleus Financial, P1 Platform, Platform One, Quilter, Scottish Widows (Embark), SECCL, SEI, Seven Investment Management, SS&C Platform Solutions, Transact, True Potential, Vanguard Asset Management, Wealthtime and WBS Solutions Ltd.
Technology infrastructure providers Calastone, Equisoft, GBST and Origo have also signed the charter.
The Association said by signing the Charter, these firms are committed to taking “direct, measurable action” to improve customer outcomes and the focus now shifts to delivery.
The industry body said progress against the Charter’s commitments would be tracked. The first milestone will focus on phasing out paper-based documents, where operationally feasible, by the end of the year.
Keith Phillips, CEO of The Platforms Association, said: “The response from industry shows a real commitment to change and confirms that improving transfers is a shared priority.
“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.”
Noline Matemera, partner at Osborne Clarke, said: “The Charter marks an important milestone in improving customer experience when transferring investment products between different providers. It is an excellent example of an industry proactively coming to grips with an issue and putting in place an innovative solution that supports the regulator’s objectives.”
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