View more on these topics

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.

Recommended

Battle to save collapsed DFM’s assets continues

Administrators are continuing their battle to return money to clients of a collapsed discretionary fund manager as they raise the prospect of going to court for bond interest payments. London-based DFM Strand Capital had around £86m in funds under management when it was declared in special administration by the FCA last May. In a progress […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com