Signatories including Fidelity International, Hargreaves Lansdown and Quilter commit to phasing out paper-based transfers and wet signatures by the end of the year
The majority of UK investment platforms have now signed The Platforms Association’s Transfers Charter, an industry-wide commitment to modernise how investments move between providers. The charter was developed in collaboration with platform providers and with support from international legal practice Osborne Clarke.
Signatories confirmed so far include Aberdeen Adviser, Aegon, Allfunds, Aviva, Benchmark, Clearstream, Fidelity International, FNZ, Hargreaves Lansdown, M&G Platform, Morningstar Wealth Platform, Novia Global, Nucleus Financial, P1 Platform, Platform One, Quilter and Scottish Widows, among others.
The charter was originally launched in June, bringing together 40 organisations across the transfers ecosystem, including 24 platforms, to build a shared implementation roadmap for ISA, pension and general investment account transfers. It followed detailed analysis of transfer delays, operational barriers and the friction points between platforms that have long frustrated advisers and their clients.
Under the charter, signatories commit to phasing out paper-based transfer processes and cheques, and replacing wet signatures with compliant electronic alternatives wherever possible, with the first phase of implementation due by the end of 2026. They have also pledged to reduce avoidable delays, including unnecessary rejections and repeated requests, and to adopt clearer, more transparent communication between platforms during the transfer process. A shared accountability framework will track end-to-end transfer timelines, rejection rates and completion outcomes across the sector, allowing firms to measure progress and identify where friction remains.
Keith Phillips, chief executive of The Platforms Association, said at launch that the charter reflected “a shared recognition across the industry that improvements are needed, and a collective commitment to deliver them.” He added: “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.”
The Financial Conduct Authority has also backed the initiative. Lucy Castledine, the regulator’s director of consumer investments, said: “Transfer times need to improve significantly, and The Platforms Association’s ambitious Transfers Charter will support this. We will continue to engage with The Platforms Association and the wider sector on this issue.”
For UK wealth managers and advisers, slow and error-prone platform-to-platform transfers have been a persistent source of client frustration and lost time, particularly around ISA and pension consolidation. With most major platforms now signed up and the first implementation milestones due by the end of this year, advisers should start to see measurable improvements in transfer speed and rejection rates over the coming months, though the real test will be whether firms hit the charter’s own accountability benchmarks once the roadmap moves from commitment to delivery.
