Opening investment accounts on platforms for clients can be a frustratingly complex process for financial advisers. From navigating varying platform requirements to dealing with inconsistent documentation formats, the journey is often fraught with delays, inconsistencies, and administrative burdens. These challenges not only create inefficiencies but also risk eroding client trust.
We have been working with the industry to produce Platform Account Opening (PAO) Standards for self-invested personal pensions (SIPPs), individual saver accounts (ISAs), general investment accounts (GIAs), bonds and junior ISAs and SIPPs.
The PAO Standards are being developed to address a critical pain point in the platform account-opening process: the transfer of accurate and complete customer, product, and investment information from adviser to platform. When setting up accounts such as SIPPs, ISAs, or GIAs, advisers often face the tedious task of manually inputting data into multiple systems, a process prone to errors and delays.
The Standards will provide a structured framework that enables advisers’ practice management solutions to seamlessly communicate with target platforms. This means that essential information, such as client details, anti-money laundering evidence, and investment choices, can be securely transmitted in a consistent and automated format.
We have published some supporting resources for the Standard, which the working group will have early access to for review, with more to follow in early 2025.
The PAO Working Group members are working collaboratively to support Criterion to develop these Standards. By becoming a working group member, you can directly influence the design and implementation of industry-wide practices. Participation ensures that your organisation has a voice at the table for shaping industry standards, allowing you to advocate for practices that align with your business needs and priorities. This involvement helps your organisation stay ahead of emerging requirements and trends, ensuring smoother transitions and early alignment with these Standards. Additionally, by contributing to the creation to the Standards, you’re helping your organisation to demonstrate thought leadership and commitment to improving industry practices, enhancing its reputation and influence within the sector. Overall, being part of the working group supports your organisation’s ability to navigate changes, influence outcomes, and stay competitive in an evolving digital landscape.
If you’re interested in becoming a PAO working group member, then please contact us at [email protected].
