Fidelity and Abrdn have joined a new trade association to steer the £800bn investment platform industry through increasing regulatory scrutiny and a UK government overhaul of the Isa market. The Platforms Association aims to represent investment sites ranging from those that sell tax-free Individual Savings Accounts and personal pensions directly to individuals to companies that work with financial advisers.
The Platforms Association wanted to meet regularly with “senior decision makers” across the industry, Phillips said. He added that “when important discussions are being led by the regulators and government on things such as financial advice, we are able to say here’s the data, here’s what customers are doing and here’s the industry view and our suggestions regarding proposals”.