Alliance Trust Savings boss Mill steps down

Alliance Trust Savings chief executive Patrick Mill has announced he is leaving the platform after five years at its head.

The platform was one of few to make a profit in last year, turning a £1.2m gain after a £5.2m loss for 2015, and assets under administration jumped 60 per cent to £13.6bn by the end of 2016.

However, the news comes as advisers have continued to report service issues during replatforming at Dundee-based ATS, which has set a precedent in the platform market for charging fixed fees.

The firm had apologised to advisers over “frustrations” they were having with the delays.

Adviser complaints have included missed income payments, delays opening new accounts, valuations being shown in dollars, and application forms going missing.

A plan to launch a new platform to advisers in the third quarter of 2016 was also shelved and in August this year the platform lost chief operating officer Allison Fower after just eight months with the firm.

Former FCA senior adviser Ron Baxter will be taking over ATS on an interim basis, the firm said.

Mr Baxter said: “On behalf of the board, I would like to extend our thanks to Patrick for his contribution over the last 7 years, during which time assets under administration have increased to over £15bn. We wish him well in his future endeavours. We have a strong management team and excellent staff to take the business forward.”