The Financial Conduct Authority (FCA) has expressed concern over the effects of "poorly planned" platform migrations on customer service and adviser availability.
In a 'Dear CEO' letter sent today, the financial watchdog's director of supervision for life insurance and financial advice Debbie Gupta said that "insufficient investment, processes and resources for technology" could lead to "business continuity issues," with services to customers and advisers being unavailable or restricted. "Poorly planned and executed technology migrations and upgrade programmes exacerbate this issue," she said. "Change programmes should be adequately planned, thoroughly tested, with clear responsibilities defined up-front between your firm and any third parties...
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