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SJP plans 10-day blackout for replatforming

Technology-Computer-Binary-700x450.jpgAdvice giant St James’s Place will block access to its investment platform for 10 days while it migrates services to a new provider.

SJP tells Money Marketing that the work will affect online service ability for clients between 19 October and 29 October.

A spokesman says: “SJP will carry out essential maintenance to our systems as part of the continual improvements we seek to make to the services we offer out clients. This does not impact the value or security of our clients’ investments in any way.”

It is understood clients will still be able to continue making investments during the down period.

Re-platforming efforts have been costly for SJP this year with the business having already moved around £40bn of its nearly £100bn in total assets onto the Bluedoor system as of August.

SJP shares sliding as £100bn AUM mark approaches

The re-platforming is part of a multi-year upgrade project that has cost SJP more than £200m so far. Drawdown business finally migrated this May, after Isa and unit trust business moved across in 2015.

SJP said in August that pre-retirement pension clients were set to be migrated later in 2018.

A total of £15.2m has been spent on the project in the first half of this year.

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