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Platforms raise concerns over Iress data loss

Platforms have raised concerns over Iress’s back office software after it failed to resolve a data corruption issue for over a year.

Paul Young IFA partner Andrew Gardner reports the firm’s Iress system has been virtually unusable after data provided by Old Mutual Wealth’s platform was corrupted in August last year.

The data was lost and Iress has not been able to reapply it despite it being resupplied by Old Mutual Wealth. 

This means Paul Young IFA has not been able to obtain accurate valuations from the software.

The system has also been showing inaccurate fund values for numerous clients’ accounts, with some fund values showing as three times the true amount.

Gardner says: “This has been an incredibly frustrating experience and I have wasted hundreds of hours of my time over the past 14 months going over the same issue with Iress and getting nowhere.”

A spokesman for Old Mutual Wealth says: “This is an isolated case of data corruption in the adviser’s back office software and we have been doing everything we can to help the adviser resolve this with Iress.”

Nucleus chief executive David Ferguson says: “Back office systems are trying to replicate the functionality of platforms, and this may be the first evidence of how difficult it will be for firms to make that work.”

An Iress spokeswoman says: “We cannot comment on individual cases, but should any of our clients experience any issues, we would encourage them to bring this to the attention of their account manager.”

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