High street banks 'could enter platform market'

clock •

Retail banks are the most likely driver of consolidation in the platform market, according to a leading back-office provider.

Australian technology company GBST, which recently announced a large project with Fidelity, said the southern hemisphere provided a good indicator of how the UK platform market will develop. "The interesting thing from our perspective is when the banks come into play," said head of UK sales and marketing Kirsty Worgan. "When the banks came in to the platform market in Australia, that's what really changed the market and [we started] seeing consolidation. "That's the one thing that hasn't happened here, so it will be interesting to see." American Express and MacQuarie both made u...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Most platforms sign up to transfer charter

Most platforms sign up to transfer charter

Signatories include Benchmark, Fidelity International and Quilter

Sophia Panayi
clock 17 September 2026 • 3 min read
Will the incoming stocks and shares ISA cash interest levy impact platforms?

Will the incoming stocks and shares ISA cash interest levy impact platforms?

Proposed regulations yet to clarify what is an ‘acceptable’ cash holding

Sophia Panayi
clock 15 September 2026 • 5 min read
Alex Cowan-Sanluis: Platforms are hiding in the bell curve

Alex Cowan-Sanluis: Platforms are hiding in the bell curve

The bell curve of client banks

Alex Cowan-Sanluis
clock 07 September 2026 • 4 min read