The chief executive of Royal London’s platform Ascentric is stepping down from his position after the platform completed the first stage of its replatforming.
Jon Taylor (pictured) is being replaced by Rob Regan the current operations director at Royal London.
The platform is currently migrating clients to a new system in a phased approach to its replatforming. Some advisers were moved to the new system at the end of April.
Phil Loney, Royal London’s chief executive, said Taylor has completed the first stage of Ascentric’s replatforming ‘very successfully’ and has ‘redefined’ the platform into ‘an award winning customer service, and a strong, experienced team to build on this strong foundation’.
‘Rob [Regan] brings with him a solid operational and commercial background built up over many years, coupled with significant experience of leadership and transformation,’ Loney added. ‘Once the replatforming is complete, Rob will lead Ascentric into the next phase of its growth, taking advantage of the new technology and all that it has to offer.’
Ascentric is moving to a Bravura-powered platform from one that runs on proprietary technology. The project began in 2013, was originally scheduled to finish in 2015 and has cost the company more than expected.
The overall platform cost has not been confirmed by Ascentric but Royal London financial statements show the parent company wrote down £44 million in 2016 and £31 million in 2017 in relation to the project.
Regan said: ‘Thanks to Jon [Taylor]and his team the business is much better-placed to serve the future needs of advisers, with a competitive proposition, much improved service and a robust future-proofed new platform. We will continue to invest in improving the adviser experience, quality of investment offerings and the competitiveness of the platform as we strive to be slick and efficient and provide the best adviser experience in the platform market.’