The difficulties experienced by the platform Avalon in 2016 are evidence of the need to have a back-up plan, to minimise the inconvenience to customers and advisers should the platform have to be wound down.
Quilter Investment Platform Limited has carried out a detailed assessment of the potential drivers of a decision to wind down the platform and the process and costs of doing so. This includes a comprehensive assessment of the customer journey throughout the process. The plan includes a detailed timeline of steps that would need to be undertaken to complete the wind-down in an orderly manner, and includes key considerations for ensuring customers receive the most appropriate solution aligned to their individual needs at each stage. In addition, the plan includes key milestones for communications to customers as well as plans for handling an increase in ad hoc customer queries through our Service Centre, developed in connection with the customer operations department.
The wind-down plan is a component of the Internal Capital and Risk Assessment (ICARA) process. The ICARA process is subject to review and approval by the Board of Directors and the Quilter Board Risk Committee on a regular basis, and is also subject to review by the Financial Conduct Authority (FCA) on a periodic basis.