St James’s Place has confirmed problems with its back office systems have caused delays to clients attempting to transfer assets away from the wealth manager.
A spokesperson explained at the end of October the firm upgraded some of its IT infrastructure with a view to improving service delivery.
“Unfortunately, in the short term there have been some bedding-in issues causing delays in some aspects of our service.
“We sincerely apologise to any clients impacted by these issues and would like to assure them that they are temporary.”
The issues meant clients have been unable to access written information on their investments and are facing long delays accessing funds, with Isa and unit trust holdings not being sent to investors.
Problems relate specifically to new back office system Blue Door, which came online last Autumn.
The firm decided to consolidate its back office systems last year to supplier IFDS, which declined to comment on the issues SJP is facing.
Tony Mudd, divisional director for development and technical consultancy, previously told FTAdviser that from an IT perspective, SJP has not been able to avoid the necessary upgrades to keep things running smoothly, with the firm engaging Blue Door for investment into such systems.
SJP was unable to give any further information on when the problems will be fixed
peter.walker@ft.com
