The chief executive of platform technology provider FNZ has said his company accepts responsibility for the problems with Aviva's replatforming earlier this year.
Adrian Durham said his company had learnt from the debacle and would make sure the issues did not reoccur during other migrations FNZ is involved in, such as the looming Quilter replatform.
Earlier this year Aviva's platform was unavailable for six days after it moved to tech company FNZ.
There were also issues with the new client reporting function and technical issues which affected payments for people in drawdown, while advisers reported they were not getting their payments through the platform.
Mr Durham said: "Aviva was entirely to do with the transition from the previous system and service provider to FNZ.
"Transitions are extremely complex, which involved moving multiple hundreds of millions of rows of data around.
"Clearly Aviva was less successful than it could have been and we accept responsibility for that and have poured a large amount of resources into addressing that issue.
"We have had a number of other large scale migrations which have not made it to the papers. It costs us a huge amount of money when we get things in any way wrong.
Clearly Aviva was less successful than it could have been and we accept responsibility for that.Adrian Durham"In terms of ensuring that is not replicated again, we have taken that into the Quilter migration and we don't expect those issues to be replicated.
"Every last client that is impacted is treated as a massive issue by us."
FNZ is responsible for more than £330bn in assets under administration held with companies such as Standard Life Aberdeen, Santander, Lloyds Bank, Vanguard, Quilter, Aviva, Zurich and UBS.
The company is working on Quilter's new platform after the wealth manager terminated its contract with tech provider IFDS in a bid to cut the cost of the replatforming process.
Earlier today FNZ announced its private equity backers had sold their share in the business to a joint venture of investors.
La Caisse de Dépôt et Placement du Québec (CDPQ) and Generation Investment Management have bought the two thirds of the business previously owned by General Atlantic and HIG Europe, with the remaining third still owned by FNZ's employees.
The deal valued FNZ at £1.65bn and it is understood HIG was paid around £450m for its stake, which it paid less than £10m for in 2009.
Mr Durham said: "One of the key reasons we partnered with CDPQ-Generation was because a lot of the money comes from a very large global pension fund so they have to have a long-term investment horizon. Somewhat uniquely they have an eight to 15 year time horizon.
"One of the direct consequences of that is we can invest more in the short term at the expense of earnings because everyone here has a long-term view so we are prepared to make investments."
He added FNZ was keen to make the most of the fact many parts of the world were moving in the same direction as the UK, introducing rules similar to the Retail Distribution Review.
Mr Durham said: "The UK has been a global leader in RDR-style financial services and that has been exported globally.
"Over the last 10 years the majority of our business and success has been UK-focused and continental Europe has started to head down a similar direction to the UK with Mifid II."
He said continental Europe, particularly Germany, would be a source of FNZ's global growth, as well as south east Asia. Looking further into the future Mr Durham said FNZ was looking towards the US.
Stefan Fura, director of Furnley House Wealth Management, said: "I am not convinced accepting responsibility will make any of the advisers feel better when they couldn't access their client records at the time.
"The problem with these relationships is that Aviva had obviously made a decision to make these changes but the users of the platform were just told it was taking place."
damian.fantato@ft.com
