Advisers frustrated by delays caused by ‘complex’ platform move

FT Adviser readers have aired their frustrations with “delays and difficulties” withdrawing client money from the Nucleus platform.

Advisers have reported three months delays following the transfer of James Hay products to the Nucleus platform, which runs on FNZ technology.

Earlier this month, John McGrath of Estuary Wealth Management told FT Adviser of his seven week wait for Sipp withdrawals for two of his clients.

He said the issues resulted in the most stressful month in his 30 years of advising clients.

Since then, FT Adviser readers have confirmed McGrath’s concerns that the delays were a sign of more widespread problems on the platform.

In a comment, John Turner said some “relatively straightforward transactions” had become “unnecessarily drawn out”.

He said: “Like others, this has meant additional time spent managing client frustrations and arranging follow-ups, which wasn’t an issue to the same extent previously.

“It’s encouraging to see that steps are being taken to resolve individual cases, but there does appear to be a broader service issue that needs addressing to restore confidence.”

Nucleus has admitted that some processes have not been up to scratch since the platform changes.

A spokesperson for the company said: “We’re sorry that some advisers have been experiencing delays.

“Modernising the legacy James Hay systems is complex, and despite many processes already delivering an improved experience, unfortunately some have not been operating at the service levels expected and are taking longer to complete.

“Our teams are responding to queries and keeping advisers updated, and we appreciate their patience as we restore all aspects of service within the next few weeks.”

Another FT Adviser commenter, Craig H, said withdrawing tax free cash for two James Hay clients had taken more than three months.

He wrote: “The clients are extremely stressed, each time we call for an update we are told that the case has been ‘escalated’. Unfortunately that’s been the same message for several weeks and they still don’t have their funds.

“Nor can they provide us with any sort of timescale to pay the funds, even though I can see the cash available when I log into the platform.”

We appreciate [advisers’] patience as we restore all aspects of service within the next few weeks

Nucleus spokesperson

He claimed his experience suggests there are “serious problems at this business which need to be acknowledged and addressed urgently”.

Another reader, Ben O, said similar delays have affected a client after the death of their parents.

They wrote: “I had exactly the same scenario — weeks taken to withdraw cash from the Sipp. In this case, it was Sipp death benefits for a family who had suffered the loss of both parents within a year. Not ideal.”

FT Adviser understands to address backlogs, Nucleus has set up dedicated teams with FNZ to try and fix issues as soon as possible.

tara.o’connor@ft.com

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