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FNZ gets Aviva backing as replatforming pushed back

Aviva gives tech provider vote of confidence despite delays

Aviva is not concerned about its replatforming project being impacted by the backlog of work at technology provider FNZ.

Aviva announced it was switching the technology behind its advised platform to FNZ from Bravura in April last year. The shift brings the adviser platform in line with its direct-to-consumer platform and corporate wrap.

When the plans were first announced Aviva expected the replatforming to complete in the first half of 2017.

However, Aviva platform chief executive Tim Orton now says assets will not be migrated until the second half of the year.

He says: “We are pretty well-progressed, the platform is effectively built and we are going through vigorous testing at the moment.

“We are likely to migrate across in the second half of the year rather than at June.

Orton adds: “What we did deliberately, once we knew we were doing this, was be very open with our adviser community. We shared the news and they understood from a due diligence perspective what our plans were and gave an indication of the dates we had in mind.

“As we have got into that we have reframed the detail so it will be a bit later this year.”

Aviva switches to FNZ for adviser platform

Last month, Money Marketing reported delays with the Alliance Trust Savings replatforming project which also saw the platform close to new business between December and April.

Asked if Aviva expects to close its platform to new business, Orton says there would be no “protracted period” of closure.

He says: “One of the areas of final detail planning is on the migration weekend itself around how we do the process and we will be communicating the detail of that when we get nearer.

“We are expecting to have reasonable continuity for advisers and plenty of training and materials to help them adapt them to any changes.”

Orton dismisses potential concerns about FNZ’s ability to continuing delivering with a workload that includes the replatforming project for Old Mutual Wealth, building a new platform for Embark, working with Vanguard on its recently launched D2C platform and several projects with banks.

He says: “We are confident they are committed to us because we see it day in, day out in terms of the joint working across the teams.

“They are a growing business themselves which means their mindset around growth and everything you need to do to grow is aligned with ours and we see that they are investing in their own future.”

Orton adds: “Of course they will have to manage that in line with the responsibilities they take on with other clients but I have got no particular concerns from what I have seen from working with them.”

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