Faulty Aviva platform sends advisers false 10% drop warning

Aviva has been forced to issue another apology to advisers after they were wrongly sent a notification that the value of their clients’ portfolios had dropped by more than 10%.

Faulty Aviva platform sends advisers false 10% drop warning

The false notification was the latest in a string of errors that have riddled the platform since Aviva switched its technology provider to FNZ in January this year.

Portfolio Adviser sister publication International Adviser spoke to an adviser, who did not wish to be named, who confirmed that he had received an email over the weekend about client portfolios dropping by more than 10%.

Similar emails had been received by a number of his colleagues.

Under Mifid II regulations, customers with discretionary managed portfolios must be contacted if their portfolios drop by more than 10%.

Another Aviva apology

A spokesperson for Aviva said: “Over the weekend some advisers received portfolio drop notifications in relation to their customers.

“These were sent in error and we are investigating the cause so that we can prevent future occurrences,” the spokesperson said.

In addition to the investigation, the spokesperson said it has removed the notifications from the platform.

“We have contacted advisers and will provide any further updates on the Aviva Platform whiteboard. We would like to sincerely apologise for any concern this has caused,” the spokesperson said.

International Adviser reached out to FNZ on 19 April for comment about the ongoing platform failings.

A company spokesperson said: “FNZ’s policy is not to comment on issues impacting our customers or on specific customer projects.”

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