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Ascentric still to transfer 90% of assets to new platform

Royal London-owned platform Ascentric has transferred just 10 per cent of assets to its new platform with no date confirmed for the next phase.

Ascentric is moving from proprietary technology to Bravura software and the first stage of the migration took place in April.

An Ascentric spokeswoman confirms just 10 per cent of assets have moved so far and Sipps are among the asset yet to be transferred.

According to Platforum data, Ascentric’s tax-wrapper split as at 31 March was 46 per cent pensions, 26 per cent Isas, 8 per cent bonds and 20 per cent unwrapped.

In May, former Ascentric chief executive Jon Taylor stepped down from his role and was replaced by Royal London group operations director Rob Regan.

According to the most recent annual accounts filed to Companies House in April by Ascentric’s registered company Investment Funds Direct, for the 12 months ended 31 December 2017 Ascentric recorded a loss of £32.7m (2016: £41.2m).

Ascentric’s replatforming continues as advisers have been hit by numerous technological and service issues following the Aviva and Cofunds replatforming projects this year.

Also changing technology are platforms Alliance Trust Savings, Fundsnetwork and Old Mutual Wealth.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Nicholas Pleasure 10th July 2018 at 12:50 pm

    Based on recent experience with Aegon, I would prefer that they just stuck with the old platform. It is clunky and ugly but it broadly works OK and, in my experience, the back office staff are generally helpful and knowledgeable.

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