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That's interesting. Can't you just make sure the new system perfectly replicates the old (or even better that any differences were actually mistakes in the current system)?
Trust me, I get not wanting to do it, from the perspective of whoever actually has to do the work. There's so much money on the line, though, that these kinds of issues don't seem very serious.
In theory probably yes. In practice they are probably just afraid to touch old code in prod. It's probably also very outdated code that you'd have to refactor in a lot of places.
At least that's my experience with old mainframe businesses. It's just a big headache. And people prefer not making any changes at all or only small atomic changes year after year.
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