The Platforms Association recently launched the UK’s first Transfers Charter, setting out a coordinated industry commitment to modernise how investments are transferred between platforms.
The Charter brings the industry together to improve the transfer experience. The majority of the UK's leading investment platforms and technology providers have now signed up to help deliver faster, better transfer experiences for customers.
A single transfer can involve multiple parties, each with their own systems, processes and ways of working. When those don’t line up, transfers slow down, which can be incredibly frustrating for a customer. They may not be able to access their money, or they may not know where it is in the process. That’s one of the reasons I care so much about improving transfers.
David McWatt, Head of Service Delivery & Business Management, FNZ
Turning experience into action
Much of FNZ's contribution to the Transfers Charter has been shaped by our experience supporting some of the UK's largest wealth and investment platforms.
FNZ processes more than 340,000 transfers every quarter. At that volume, you quickly learn where friction exists and what drives delays for customers. We've used those insights to continuously improve the transfer experience, including through the FNZ Transfers Hub, which can enable many transfers to be completed within a matter of hours.
However, there's a limit to what any one firm can achieve on its own. A transfer often involves another platform, adviser, custodian or asset manager, sometimes operating in a different jurisdiction and to different standards. That's where automation becomes more difficult and the risk of delays increases.
The Charter is about tackling that problem collectively as an industry. It's about continuing to reduce the time it takes to move assets and cash, while giving customers greater visibility and confidence throughout the process. Transfers need to be not only faster, but also transparent, accurate and secure.
From commitment to delivery
There are some very practical areas of focus: reducing paper and cheques, improving communication during the transfer process, making non-standard products easier to manage, and using common measurement frameworks to track progress. None of these areas grab headlines, but they can make a meaningful difference to the customer experience.
Alongside the other signatories, FNZ is committed to reducing transfer times, improving visibility throughout the process and making responsible use of automation and AI to remove unnecessary friction.
What gives me confidence is that this is no longer a challenge individual firms are trying to solve in isolation. With more than 25 organisations already signed up, there is real momentum behind a common approach. Today's launch is an important milestone, but ultimately success will be measured by whether customers see transfers become faster, simpler and more predictable in the years ahead.
Hear more from David McWatt
David explains what the Transfers Charter is, how FNZ is helping to lead change and what the future could hold for investment transfers.
David McWatt
Head of Service Delivery & Business Management