Life companies are keeping legacy technology systems behind closed doors and its a real threat to pensions freedom, writes Mark Polson...
I've been poking around legacy technology a bit recently, partly because it beats interacting with human beings and partly because it's important at the moment. The main reason it's important is that the ability of your clients to access their pensions in the way they want, when they want, is principally constrained by what those old green-screen mainframe systems can do. CLOAS, Unisure, Life400 – they're all still around, hiding in dark corners of lifecos and squinting nervously at the light if you shine a torch at them. And such a torch is indeed being shone at the moment. The re...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes