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Aviva platform reports positive flows despite tech failures

Aviva says its platform business has grown despite a troubled technology upgrade that has frustrated many advisers.

In its half year results this morning, Aviva says its advised platform “maintained positive net fund flows and increased assets under management despite the major IT migration project undertaken during the period”.

Net flows were positive at £2.2bn, but down from £3bn in the first half of 2017. Total assets on the platform grew by 12 per cent over the year to reach £22.7bn.

In April, results for the platform showed it made a £13m loss in 2017.

Aviva replatformed to technology from FNZ in January, moving away from its old Bravura system.

After a blackout period,  advisers say they have faced issues completing trades and getting income payments for clients. Payments to advisers have also either not been processed or been paid unnecessarily.

The pain of replatforming: Inside Aviva’s tumultuous tech upgrade

In its UK long-term savings business overall, Aviva says profits were up 19 per cent to £106m on the back of £2.5bn in net fund inflows from workplace pension growth.

In its protection business, Aviva says margins were down 19 per cent, but it still reported profits of £108m.

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