Ascentric's re-platforming bill has gone past the £70m mark as the Royal London-owned platform nears the end of its long-term project.
Royal London's annual results for 2017 showed the platform had taken on a £31m impairment charge relating to the development of new back-office software - its re-platforming project moving it from proprietary technology to Bravura Sonata - and complying with the second Markets in Financial Instruments Directive. This £31m comes in addition to the £44m the platform incurred in costs in 2016. Last March, the life company said its platform had moved its uncovered business "from a profit into a loss of £44m due to significant cost being incurred in 2016 relating to the development of new bac...
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