The operators of twenty-eight of the UK's largest investment platforms are forming the UK Platform Group in a bid to more fully represent the industry.
Members include all major UK platforms, ranging from stockbrokers and execution-only services to advisory platforms, and together represent 95% of the platform industry's total assets.
The organisation will engage with the Financial Conduct Authority and the Treasury on issues such as regulation, tax, savings policy and consumer issues.
It will also focus on identifying ways in which platforms can work more efficiently and effectively for customers.
The group will replace an existing body which consisted of Hargreaves Lansdown, Fidelity, Standard Life, Cofunds, AXA Wealth, and Old Mutual. It is open to new members.
It will meet at least on a quarterly basis, with the first meeting planned before the end of 2014. Ed Dymott (pictured), Fidelity's head of business development, will chair the group for the first year, after which a chair will be appointed on an annual basis.
The Tax Incentivised Savings Association (TISA), known for its involvement with platform issues, will not be involved because of its wider remit.
The Wealth Management Association (WMA), however, will work with the new group during the first six months of its existence.
"TISA is not involved as this is a forum that includes only retail platform operators, whereas TISA includes a broad section of the market. The WMA have agreed to ensure that the group is formed correctly and run appropriately on an ongoing basis," Dymott said.
He added: "The platform market is now a major part of the UK savings landscape, representing millions of investors, a significant proportion of the advisory market, and is approaching £500bn of assets. The market is highly competitive and innovative, which is something we would want to encourage.”
“However, there are industry issues which could benefit from greater collaboration between providers, to ensure that customer outcomes can continually improve and that we drive efficiencies within the market.
"This group is the first time all members of the platform industry have a forum where they can actively collect and present the various views of industry participants."
Old Mutual Wealth's Stewart Cazier added: "Platforms now sit at the heart of the industry. This group will help ensure that platform operators communicate unified messages to the regulator and to policymakers and continue to evolve to the benefit of financial advisers and customers."
The UK Platform Group consists of 7IM, Cofunds, Parmenion, AJ Bell, Fidelity, Praemium, Aegon, Hargreaves Lansdown, Share Centre, Alliance Savings Trust, HSBC, Standard Life, Ascentric, James Hay, Tilney Bestinvest, Avalon, Money on Toast, Towry, Aviva, Novia, Transact, AXA Wealth, Nucleus, Zurich, Barclays, Nutmeg, Charles Stanley and Old Mutual Wealth.
