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Pru in talks with Bravura over UK platform launch

Prudential is in talks with technology provider Bravura about supporting its long-awaited platform launch, Money Marketing understands.

However, a Pru spokesman says the offering is unlikely to be unveiled until the end of 2015. He says: “It is not a platform in the investment sense; it is administration. 

“Over the past year or so, we have made no secret of our plans to bring products to the market. In scoping that out, we have been looking at the most appropriate administration systems. We have spoken to the main players in the market but we have not signed anything yet.

“We have never set out specifics but it is unlikely to launch until the end of the year.”

Bravura declined to comment.

Prudential first revealed plans to develop its own platform in August last year as part of a £100m overhaul to diversify away from annuities in the wake of the Budget.

In a briefing to analysts, Prudential UK chief executive Jackie Hunt said the investment would be made over a two-year period to fund a “very broad-based range of products and propositions”, including “getting on to third-party platforms”, with-profits, income drawdown prod-ucts and Isas. 

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Comments

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

  1. The Pru ‘has form’ on this. Over the last decade, on at least three occasions (probably more), the Pru has spent a small fortune on work parties dedicated to intensive studies of the growing platform market, only for the project to be binned each time.

  2. It is also worth remembering that as the owners of M&G, one of the four founders of Cofunds, the Pru is only too well aware of how much that project cost and will be reluctant to repeat the experience!

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