View more on these topics

ATS reports £19m loss

Platform Alliance Trust Savings has reported a £19m operating loss for 2017, as its parent company has reduced the value of its investment in the business.

ATS has also reduced the value of the intangible assets related to its execution only platform Stocktrade, which resulted in a £13.2m exceptional charge.

ATS moved that business from Edinburgh to Dundee in the first half of last year.

In its annual results statement today, ATS’s parent company Alliance Trust admits moving that service led to bad customer service and an increase in complaints from customers. It says it incurred costs in the second half of last year addressing these issues.

ATS’s replatforming project was also delayed during the second half of last year. The company was expecting this project to increase revenues.

ATS chief executive Mill leaves firm amid replatforming issues

ATS reported an operating loss of £6.1m for 2017, before exceptional items, which includes £3m of costs to “stabilise” the business. In 2016, ATS reported an operating profit of £1.2m.

According to the results statement, the directors’ value of Alliance Trust’s investment in ATS has been reduced to £38m from £61.5m in 2016.

ATS ended 2017 with assets under administration of £15.8bn, compared to £13.6bn in 2016.

The results say: “Investment in customer service is continuing in 2018, ATS is now experiencing a reduction in complaints and an improvement in service levels.”

In June last year, Money Marketing reported ATS had apologised to advisers after they complained about delays, missed income payments and poor communication during ATS’s replatforming project.

Recommended

1

Old Mutual contacts advisers for replatforming advice

Old Mutual Wealth has contacted advisers who use the Aviva platform to learn how it might prevent similar issues experienced by that provider happening in its own replatforming exercise. Aviva moved client assets onto its new platform in January. The platform went through a five-day blackout period and advisers complained of issues with client payments, […]

File image of a pension savings pot
3

Aegon could axe Retiready as platform placed under review

Aegon is reviewing the future of its direct-to-consumer platform Retiready, as it cements its focus on the advised platform market. Money Marketing understands one option Aegon is considering is getting rid of the Retiready brand altogether. The provider says it is reviewing what to do with Retiready and will confirm its decision later this year. […]

Investment

European value’s revival in 10 charts

By Rob Burnett, head of European Equities, Neptune Value strategies have historically outperformed their growth counterparts, yet have suffered amid adverse market conditions in recent years. While value’s outperformance has returned, few funds are positioned for it. What’s behind value’s recent resurgence and will it last? View charts here Important information Investment risks Neptune funds […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. That’s the last time I buy tyres from ATS.

Leave a comment