The Platforms Association has announced the launch of its Transfers Workstream, an industry-wide initiative designed to make transfers between investment platforms faster, simpler, and more transparent for consumers across the UK platform sector. These transfers can take the form of the movement of funds, assets or ownership rights between financial institutions or platforms.
The workstream is to be co-chaired by David Ferguson, Executive Chairman at SECCL and Lucy Bristow, formerly of Wealthtime, who now serves as Special Advisor to the Association. The workstream brings together representatives from over 20 leading platforms and service providers to address transfer challenges that have persisted in the industry for over 25 years.
The group will explore a range of potential options to improve the financial transfers experience and outcomes. This will include looking at how to improve communication and cooperation between platforms to reduce friction; considering adopting standardised electronic processes for faster completion; and working with regulators to streamline regulations and clarify responsibilities for data protection and consumer experience during transfers. The group will hold its next meeting on 10th September and will continue to meet on a monthly basis.
The initiative comes in response to the Financial Conduct Authority’s identification of transfers as their primary concern for the platforms industry. Current data shows that 30% of transfer discovery messages are rejected on first attempt, primarily due to account number format issues and data validation failures – highlighting the urgent need for industry-wide standardisation and improvement.
David Ferguson, Co-Chair of the Committee: “For too long, customers have faced unnecessary delays and complexity when transferring their investments between platforms. 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.”
Lucy Bristow, Co-Chair of the Committee: “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. “
Keith Phillips, CEO, The Platforms Association: “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.”
The initiative includes major platforms, technology providers and specialists across the investment ecosystem, with additional external expertise from specialist organisations and industry stakeholders, ensuring comprehensive coverage of the transfer value chain.
Keith Phillips, CEO of The Platforms Association.
