IT Lockout at ABRDN Wraps

TychoTMA

It seems that these fine people did some kind of a software update on the 22nd Feb, and subsequently, some (all??) of their WRAP clients are locked out?
Anyone have any insights on it?   I have an email saying they are "working on it".
I think I should have stopped using ABRDN some time ago!

T

TychoTMA

The lockout at Abrdn continues.....that company has a sizeable chunk of my total assets just "locked up" inside a fortress of incompetence. They are "working on it" with lots of priority, but perhaps little skill?.

I know people have been looked out ot banks accounts for brief periods, but this just goes on. The fact that it generates no news headlines makes me wonder if I am the only person with an account there. Can anyone suggest what I can do about this this?

dunstonh

IT Lockout at ABRDN Wraps

It only affected one of their wraps. Not all of three of them.   Namely Abrdn Wrap.

It seems that these fine people did some kind of a software update on the 22nd Feb, and subsequently, some (all??) of their WRAP clients are locked out?

A very small number apparently.

I think I should have stopped using ABRDN some time ago!

Why?
Abrdn Elevate is my favourite platform.  I won't use Abrdn Wrap though as its a risk to independent status (and they wont offer it to me as I wont commit to their requirements).

The lockout at Abrdn continues.....that company has a sizeable chunk of my total assets just "locked up" inside a fortress of incompetence. They are "working on it" with lots of priority, but perhaps little skill?.

A couple of days of minor access issues are not going to be noticed by the vast majority of the investors affected.

 The fact that it generates no news headlines makes me wonder if I am the only person with an account there. 

The number of people affected is very small to begin with.
Then you reduce that further by the number of people who have  attempted access during this period.   I would say the vast majority of those affected don't know it.

The only foolish thing was running a major upgrade in March when the cut offs for tax year end starts as early as 8th March.

Can anyone suggest what I can do about this this?

Be patient.   they are aware of the issue and are dealing with it.    My understanding is that clients of advisers that had multiple agencies have found that clients and the adviser have lost online access.  Also, some people had legacy logins via a different method and some of those have not ported over fully.

They are  running maintenance on it over this weekend

tacpot12

Having been one of the IT team involved in a similar situation at a large bank, I can assure you that the IT staff and the manager at ABRDN that is responsible for the WRAPS platform will be very focused on fixing this.

But some IT changes are not easy to backout, especially if there has been some incompetence in planning the change. With complex systems, it can be easy to miss some essential detail. If there has been any incompetence, this only tends to make people work harder, and they will also learn from their mistakes. 

The potential for IT problems is why I have current and savings accounts with two banks, so that I can manage for a month or more if one of them is having problems. 

bigfer

I too have been locked out from accessing my investments, however I was not even advised that Standard Life would be passing over management to ABRDN. First I knew was last week when I tried to log on and ended up at some dodgy looking webpage from OKTA. Had scam written all over it.
No chance getting through to ABRDN on the phone, so I lodged a complaint asking when I had been informed of this transfer of ownership. I received a mealy mouthed reply apologising for the downtime of the platform and 75quid to go away. I was advised that I would get log on instructions by Friday 3rd March......still waiting.
What a complete shower. I see their Trustpilot rating is worse than Virgin Media......now that takes some doing.

dunstonh

however I was not even advised that Standard Life would be passing over management to ABRDN

They haven't.   Its a rebrand.  Not a takeover or merger.
Aberdeen Standard Life (which was the old brand) decided to drop Standard Life from their branding and use ABRDN as their new brand going forward.   Mainly as globally, Aberdeen was a more recognised brand for their business.     They have since sold the Standard Life brand to Phoenix.  Phoenix is a closed book consolidator but they are now using the Standard Life brand for new business.

So, effectively, you are still with the old standard life but the new standard life has nothing to do with the old standard life

, so I lodged a complaint asking when I had been informed of this transfer of ownership.

Well, that will be an easy rejection as there has been no transfer of ownership.   They did send out plenty of letters (or emails if you are paperless) telling you about the rebranding.

 I received a mealy mouthed reply apologising for the downtime of the platform and 75quid to go away. 

That seems reasonable as you haven't been worse off from it and the other part of your complaint was bogus.

TychoTMA

It's a total mess. It is a long time since Standard Life created ABRDN - at least a year - and I think this is at least the second incarnation of the ABRDN website and that's not even to mention OKTA!!!. I don't recall the name "Aberdeen" ever been associated with the product.  Every three months I get a multipage statement through the post which still has the header "STANDARD LIFE".

If this is what has become of Scottish financial institutions, it's time I got well away from them.

dunstonh

 I don't recall the name "Aberdeen" ever been associated with the product.  

The company name was Standard Life Aberdeen plc from August 2017 following a merger between the two that year. 

In early 2018, SLA said it would sell the Standard Life Insurance business to Phoenix.  In 2021, SLA sold the Standard Life brand to Phoenix and rebranded to Abrdn.     

I just checked a statement from 2018 and it mentions Standard Life Aberdeen twice in the compliance footer.

Every three months I get a multipage statement through the post which still has the header "STANDARD LIFE".

That is happening on all their platforms.   Like all name changes or mergers, the companies continue to use up old stationery and require a transitional period for software to be changed.    Norwich Union used to appear on things for a year or two after.  Same as Old Mutual Wealth when they moved to Quilter.   Scottish Widows still use Clerical Medical branding and SW branding interchangeably on old CM plans.  It's like they cannot make their mind up if they are going through with rebranding.

If this is what has become of Scottish financial institutions, it's time I got well away from them.

Whilst the company HQ is in Scotland, Abrdn Wrap is based in Sunderland (and Abdrn Elevate based in Basingstoke).  The split is still not complete and Standard Life is still being used for some services,  

The Abdrn Wrap software was getting long in the tooth.  Whilst it uses FNZ, it was on a very old version of FNZ.   Plus, there were lot of third-party bolt-ons that were not compatible with the latest versions of FNZ.   So, it is a major upgrade after a period of neglect.     Nearly every single significant platform software upgrade across the marketplace has resulted in issues.   Abrdn will be updating the Abrdn Elevate platform once they complete Wrap.  Although Elevate, whilst also running an old version of FNZ, is not as out-of-date as Wrap.      The number of non-standard bolt ons to Wrap and the fact it was very out of date meant the upgrade was much harder to code.   And they suffered unexpected outcomes because of that.   

bigfer

Problems with their investment platform upgrade does not excuse them from a minimum of customer service. Indeed if these IT glitches are not unexpected, why did they man up their helplines accordingly?
I tried first thing this morning only to be advised that they don't get out of bed before 9 am.

TychoTMA

I contacted the FCA by email; their reply took some days, but this is it;

I am sorry to hear you are having issues with the website of ABRDN, following an update.

As ABRDN are made up of different regulated entities, could you please confirm which firm you are dealing with. For example, would it be abrdn Investments Limited, or abrdn Investment Management Limited, or even abrdn Client Management Limited/? You can check your paper work to find the firm's FCA reference number (FRN), or ask them directly.

As the regulator for these firms, we do have some regulatory oversight over them and can conduct our own investigations in to any issues we see in the firm. However, we are unable to deal with individual disputes and complaints. for this, you will need to follow the complaints process, (please click on link). While we don’t investigate individual complaints at the FCA, the firms we regulate must have a process in place for resolving disputes and complaints with their customers.

Also could you please provide some more details on what issues you have had with the firm? Has the firm provided any response to your concerns? Have you been able to regain access to your accounts on their websites?
I look forward to receiving the additional information from you and I hope the information provided has been of use. If you have any further queries, please simply reply to this email. 
 
The contact address is      consumer.queries@fca.org.uk

I don't know how else to try obtain progress? Any ideas?

dunstonh

bigfer said:

Problems with their investment platform upgrade does not excuse them from a minimum of customer service. Indeed if these IT glitches are not unexpected, why did they man up their helplines accordingly?
I tried first thing this morning only to be advised that they don't get out of bed before 9 am.

It doesnt excuse them with these problems.  However, it does excuse them of the other things you have accused them of.

When you are dissatisfied about something, it pays to keep focused on the issue and not go off with side rants.    You are unhappy about the recent login issues.   However, you raised a complaint about a takeover that never happened.