The industry has moved on from replatforming issues and has learned from past mistakes, according to this week’s FTAdviser podcast guests.
Earlier this month, the FCA wrote to platform bosses raising concerns about the fees charged to customers and poor technology leading to delays.
Discussing tech issues, Ben Hammond, consulting director at the Lang Cat, told FTAdviser the platform industry has learned from past mistakes and has gotten better at big technology upgrades.
He said: “If you look back five years ago at what happened with Aviva and Aegon and other large replatforms and transformations, these took a long, long time. I think we've gotten better at doing that.
“The industry has learnt from previous mistakes or previous issues. We’re going in the right direction.”
In the letter, the FCA raised concerns about the technology used by platforms not being up to scratch.
But Verona Kenny, managing director of Intermediary at 7IM, said firms should look at their operational resilience to try and combat this.
She said: “What's critically important is to make sure that platforms are investing in their operational resilience.
“This will set up the platform for the short, medium and long term, to make sure that there's not things like outages which are unexpected or can't be explained because they're the things that really impact the client.”
amy.austin@ft.com
