Quilter’s replatforming to FNZ was done over a series of tranches and cost the provider around £200mn.
James Hay advisers are currently waiting to be moved to a new FNZ platform, Abrdn has now mostly extracted its adviser platforms from Phoenix and onto FNZ, while Embark’s platform is also now on FNZ.
Overall, this is how all platforms fared:
| Adviser platform | Claim resolutions Jan - Nov '22 | Percentage of claims upheld Jan - Nov '22 | Percentage of claims upheld in 2021 |
|---|---|---|---|
| Embark | 23 | 56% | 23% |
| Quilter | 48 | 46% | 44.5% |
| James Hay | 45 | 44% | 44% |
| Abrdn [Elevate] | 17 | 44% | 24% |
| Abrdn [Wrap] | Fewer than 10 | - | 36% |
| Aegon [Scottish Equitable] | 202 | 33% | 16% |
| Aegon [Cofunds] | 66 | 27% | 23% |
| AJ Bell | 107 | 26% | 26% |
| True Potential | 11 | 22% | - |
| Transact | 55 | 4% | 27% |
| Novia | 27 | 15% | - |
| Aviva [Pensions Trustees] | Fewer than 10 | - | 50% |
| Aviva [Wrap] | Fewer than 10 | - | - |
| Nucleus | Fewer than 10 | - | - |
| M&G [Ascentric] | Fewer than 10 | - | 27% |
| Parmenion | Fewer than 10 | - | 27% |
| 7IM | Fewer than 10 | - | - |
Source: The Financial Ombudsman Service
Quilter's number has been calculated using an average across its two entities - Quilter Investment Platform and Quilter Life & Pension.
The Fos said it could not find any claims data on Praemium or Fidelity in its system. If claims resolved are fewer than 10, the Fos does not calculate an uphold rate.
Today, platforms are not held to the same standards of third-party due diligence as Sipp operators.
Platforms are subject to the FCA's ‘Product Intervention and Product Governance Sourcebook’ - otherwise known as ‘Prod’.
By contrast, due diligence requirements for Sipp operators are a lot more specific.
They are expected to periodically review the due diligence they undertake in respect of the introducers that use their scheme, and to improve their processes where needed to identify and mitigate any risks to scheme members.
But as Barrett pointed out, any risks posed by third-parties to platform clients could throw up challenges for providers in the years to come as the consumer duty starts to trickle through into Fos decisions.
James Hay is currently facing 237 open cases over Sipp provider due diligence.
A spokesperson for James Hay said its current open Fos case figures were skewed by a historic issue.
The platform has 255 open cases, of which 237 related to Sipp provider due diligence.
“For legal reasons we can’t comment on specifics to do with the open cases, however it is important to highlight that almost all of those cases relate to one long-running historic matter dating back many years that is currently in the process of being resolved,” the spokesperson said.
“Once resolved, our open cases should reduce to more normal levels.”
On its uphold rate, the spokesperson said the platform always attempts to resolve complaints efficiently and fairly.
They added: “We have invested substantially in our customer service function, and we will continue to do whatever is necessary to improve that experience. We will always cooperate fully with the financial ombudsman service.”
Fos numbers ‘don’t yet account for recent improvement’
Quilter’s adviser and client services director, Ant Scammell, said the platform had seen a decline in complaints made against it over the past year.
“We’ve also improved our complaint resolution rate, which currently stands at 95 per cent. These Fos numbers don’t yet account for that improvement,” he said.
“Our Fos referral rates are small in volume terms for our size of book and it is always our aim to avoid the scenario where complaints need to be resolved by the Fos."
