FCA urged to act over Aviva platform chaos

But Jamie Flook, financial planner at Trigon Pensions Limited, who has had clients affected by a glitch surrounding the Markets in Financial Instruments Directive (Mifid II) 10 per cent depreciation rule, thought regulatory action should only be taken where consumer detriment is caused.

He said: "The regulator doesn't need to get involved unless there is genuine client detriment, or if individual non-advised investors are affected by any of this."

Aviva has told advisers it will compensate clients for any losses incurred from funds being stuck in cash because they cannot be invested.

A spokesperson for Aviva said: "When advisers raise issues with us we do take them seriously and we have teams in place working to resolve them.

"Although we do not have details of the specific case referred to, and cannot therefore comment in detail, if funds were moved in error and are not in line with instructions received from the client [or] adviser, we would look into this.  

"As we have previously stated, we will take action to ensure that customers are not disadvantaged as a result of any issues identified."

But they would not comment on whether Aviva was in contact with the regulator about the continued glitches.

The spokesperson said: "As part of the normal running of our business we are in regular contact with the regulator on a range of issues. We don't comment on the specifics of this."

The FCA would also not comment on specific cases.

The regulator has not yet announced any plans to look at re-platforming issues more widely but it is looking at wider issues surrounding investment platforms as part of its investment platforms market study.