The Ascentric platform has been hit by problems paying income to clients, with one adviser moving a £6 million client portfolio off the platform because of his frustration with the replatforming issues.
The Royal London-owned platform is currently moving clients in stages to a Bravura-run platform from one which runs on proprietary technology. ISA and GIA accounts moved at the end of April and pension assets (the majority) are expected to be transferred later in the year.
However, like other providers such as Aviva and Aegon, issues have emerged with Ascentric’s replatforming project.
Chris Welsford, managing director of IFA Ayres Punchard, has now said income payments from an ISA and GIA account have stopped for one of his clients who has been moved onto the new platform.
One ISA account was still paying income but Welsford said his client was only receiving 40% of the income payments she was due.
The client, Mrs Rose, said she was not happy with the disruption to her income payments and had agreed to be moved to a new platform.
‘We trust our adviser and he does his job well with our sustainable income portfolio performing as far we can see from the review and the valuation. But what we actually see is the income stopping and not arriving in our account,’ Rose said in a statement to New Model Adviser®.
‘Luckily we aren’t going hungry because of this but others might not be so fortunate. As this is not the only problem we have experienced following the transfer, we are hoping Chris [Welsford] can take us to a new platform where they treat customers more fairly than this. It’s not good enough.’
A spokeswoman for Ascentric said: ‘We are aware of a small number of issues with income payments and have been working closely with those advisers affected. The income payment issues in question are being resolved and there will be no negative impact on customers.’
Other issues Welsford said he had encountered include a client valuation page turning to code. He said he was also frustrated at a lack of response from customer service teams at Ascentric.
These problems have prompted Welsford to move a client with £6 million of assets away from Ascentric and to another platform. He said he intends to move the rest of his client assets on Ascentric, around £4 million, to a new platform after discussing it with his paraplanning and compliance consultants.
In May, Ascentric chief executive Jon Taylor announced he was stepping down from his position following the migration of the ISA assets.
An Ascentric spokeswoman added: ‘With any replatforming programme there are challenges and we have done everything we can to mitigate those, including taking a phased approach with our customers. To ensure the platform is fit for the needs of our customers, we also have actively encouraged continuous feedback, acting on it in collaboration with our advisers.’