Trade body the Platforms Association has launches a Transfers Charter, setting out a co-ordinated industry commitment to modernise how investments are transferred between platforms.
It says the new charter sets out clear actions for the platform industry to tackle the persistent hurdles facing transfers.
The body says it establishes a programme of tangible improvements and a clear implementation roadmap to transform the customer end-to-end transfer journey for ISA, pension and general investment accounts.
The charter has been built on analysis of transfer delays, operational barriers and friction points between platforms, responds to longstanding industry and consumer concerns around manual processes, delays and inconsistent customer experiences. Signatories to the charter include 40 organisations from across the transfers ecosystem, including 24 platforms. They have committed to delivering a series of practical and achievable improvements within defined timelines to address issues.
At the core is a commitment to accelerate digitalisation and standardisation across the transfers. Signatories of the charter will:
• Phase out paper-based transfer processes and cheques, with the first phase of implementation to be completed by the end of 2026
• Replace wet signatures with compliant electronic alternatives wherever possible by the end of 2026
• Reduce avoidable delays, including unnecessary rejections and repeated requests
• Adopt clearer and more transparent communications between platforms, to streamline and speed up the transfer execution.
The charter also establishes a shared accountability framework for measuring performance across the sector, including monitoring end-to-end transfer timelines, rejection rates and completion outcomes. That will enable firms to track progress transparently, identify any remaining friction points and work collectively to resolve ongoing challenges.
The changes are designed to work alongside existing regulatory and company policies to ensure customers requiring additional support continue to receive appropriate assistance throughout the transfer process.
Keith Phillips, CEO, The Platforms Association, said: “The charter represents a shared commitment across the industry to raise the bar for customers and a collective determination to deliver real, lasting improvements to the transfer experience.
“Transferring investments should not be as complex or time-consuming as it can be today. The charter reflects a shared recognition across the industry that improvements are needed, and a collective commitment to deliver them.
“By focusing on digital processes, clearer standards and better transparency, we want to create a more consistent and efficient experience for customers, advisers and providers alike. Just as importantly, we are putting in place the mechanisms to measure progress and hold ourselves accountable over time.”