In a highly regulated and evolving industry like financial services, progress doesn’t just come from innovation, it comes from the industry working in unison together. While technology continues to transform how advice is delivered and investments are managed, true efficiency and better client outcomes will only be achieved through shared standards and genuine collaboration.
One clear example of meaningful collaboration is the recently published draft of our Platform Account Opening (PAO) Standard. We’re developing and governing it in close partnership with a working group made up of platforms, adviser technology providers, and key industry stakeholders, all working together to create a solution that works for everyone.
The need for industry-drive solutions
Opening an investment account should be a straightforward process. Yet, it is often hindered by inconsistent data formats, platform-specific requirements, and manual workarounds. This has led to inefficiencies, unnecessary delays, and an increased risk of errors, all of which can impact advisers, platforms, and ultimately, clients.
The industry recognised that this isn’t just a technology problem, it is also a coordination problem. Every firm has its own approach, but no shared framework. Without a common standard, digital transformation was limited in reach and impact.
The power of collaboration
Recognising the need for a standardised approach, we brought together firms from across the financial ecosystem - many of whom are considered commercial competitors - to develop a solution. This is where the PAO Standard was born: not as a top-down mandate, but as an industry-owned framework built through shared expertise, mutual goals, and a willingness to align.
Through the working group and continuous feedback, stakeholders contributed their knowledge, debated approaches, and agreed on what good looks like. The result is a practical, usable standard that reflects real-world needs.
James Slevin, Business Development Manager:
True progress in financial services doesn’t come from working in isolation, it comes from working together. Industry collaboration is essential if we want to tackle shared challenges, improve integration, and deliver better outcomes for customers. The development of the PAO Standard is a great example of what can be achieved when competitors come together with a common goal. We’re proud to help lead that effort and continue bringing the right voices to the table.
How to get involved in the PAO Working Group
The PAO Standard has been published in draft form, marking an important step forward. The draft is available for industry review and feedback, and this phase is critical to ensuring the standard is robust, practical, and truly fit for purpose across all types of firms and systems.
By getting involved now, your organisation can help shape the final version, bringing your experience and technical input to the table. Whether you’re a platform, adviser tech provider, or adviser firm, your feedback will help refine the data fields, processes, and structures to make sure the standard works for the entire industry. If you’re interested in joining the working group, please contact [email protected].
