More than £800m will be spent on re-platforming projects across the market and that could rise above £1bn if projects run on, according to estimates from the lang cat. So, asks Tom Ellis, why are some platforms so shy about revealing costs and where is the money going?
Among the seven respondents to Professional Adviser's thorough re-platforming questionnaire, only those who had previously published their project budgets were willing to take on our enquiries about the cost of their ongoing projects. Aviva says its efforts would cost "in the low tens of millions", the merger of Aegon and Cofunds onto an upgraded ARC platform is on course to cost £80m, according to the former, while Old Mutual Wealth is due to spend a well-documented £450m on its project - somewhat inflating the overall figures. In contrast, Ascentric says it will not disclose its cos...
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