Operators of 28 of the UK’s largest investment platforms have agreed to form a new industry group – The UK Platform Group, aimed at lobbying on issues affecting this sector, now more than a decade old.

Operators of 28 of the UK’s largest investment platforms have agreed to form a new industry group – The UK Platform Group, aimed at lobbying on issues affecting this sector, now more than a decade old.

The sector holds assets of more than £400 billion ($250.5 billion), representing about five million investors, the group said in a statement. It argues that so far there hasn’t been a single organisation to speak up for this sector. The group, which will meet on a quarterly basis, said members account for more than 97 per cent of sector assets.

“It [the group] will aim to work proactively with bodies such as the FCA and Treasury, tackling issues pertaining to regulation, tax, savings policy and consumer issues. It will also focus on driving market best practice, identifying ways in which platforms can work more efficiently and effectively for their customers,” it said.

Members: 7im; AJ Bell; Aegon; Alliance Savings Trust; Ascentric; Avalon; Aviva; AXA Wealth; Barclays; Charles Stanley; Cofunds; Fidelity; Hargreaves Lansdown; HSBC; James Hay; Money on Toast; Novia; Nucleus; Nutmeg; Old Mutual Wealth; Parmenion; Praemium; Share Centre; Standard Life; Tilney Bestinvest; Towry; Transact; Zurich.