"Analysts question the amount of tech debt that is being built up because at some point, some providers will have to replatform some very old technology and we've seen in the past how this has proved problematic for some industry players.
"But if your tech is so out of date that it is uncompetitive, then you end up losing out and you face issues of operational resilience.
"Thankfully we have already got a good platform and are still winning business but our aim is to get this new platform built for James Hay early on in 2024.
"We will launch in a way that is friendly to advisers."
He said some advisers have been actively testing the platform build, and the company expects the new platform to be ready in the first half of 2024.
simoney.kyriakou@ft.com
