Aegon platform distribution director Coyle exits

Aegon platform distribution director Martin Coyle has left the provider after a review of its distribution team, Money Marketing has learned.

Coyle is currently on gardening leave for the next few months and is exploring a number of other opportunities in the sector, Money Marketing understands.

Coyle was poached by Aegon in 2012 to drive platform sales ahead of the launch of the Aegon Retirement Choices platform later that same year.

He served five years as business development director at Axa Wealth and two as senior business consultant at Prudential before joining the firm.

Aegon also poached former Axa Wealth head of business services Lou Macari in 2012 as it began its push into the platform space.

Coyle’s departure follows the resignation of Aegon’s chief digital officer and platform development lead Richard Denning towards the end of last year.

It is also unclear at this stage whether Denning, formerly of Novia and Selestia, will end up with a role in the industry or elsewhere.

An Aegon spokesman tells Money Marketing that the firm had decided to make changes to its distribution team after a review of how it was set up to support advisers.

The spokesman says: “Martin left the business recently and we wish him all the best for the future. He left following a review of the operating structure of our distribution function last year. The changes were designed to ensure our retail business is well organised to deliver support to advisers and promote Aegon’s products and services.”

While Coyle and Denning have left the business, Aegon brought back former chief operating officer Tommy Young last year as part of a “short-term” consultancy project providing support on “a number of projects and drawing on his broad experience of the Aegon business”.

Coyle’s tenure has seen Aegon reposition itself as a scale advised platform business with the purchase of Cofunds off Legal and General in 2016.

The provider had to add extra telephone lines and extend opening hours last year, however, as more than 400,000 clients were moved onto a new system to merge the existing Aegon Retirement Choices platform with Cofunds.

Some advisers and investors that were impacted by problems following the Cofunds replatforming in May are in line for compensation, Aegon confirmed.

Around 400 advised clients were locked out of their accounts and there were also problems with the transfer for advisers, with some reporting issues with logging in to the new system and long wait times to speak with customer service staff.

Aegon claims its Cofunds integration will eventually save it £60m a year when it completes the final integration, and saved it £40m in the first year of combining the platforms.


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