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Aegon brings back executive as Cofunds issues rumble on

Former Aegon chief operating officer Tommy Young has rejoined the provider as a consultant as it continues to resolve issues with the Cofunds replatforming.

Young was appointed chief operating officer at Aegon in 2011 having joined the provider in 2009 as governance and controls director of its sales and distribution business. He retired in February.

An Aegon spokesman has confirmed his appointment as a consultant to the business.

The spokesman says: “Tommy Young will be supporting with a number of projects and drawing on his broad experience of the Aegon business. Through this short-term consultancy work he’ll be providing the management team with recommendations on a number of operational programmes.”

Earlier this month, Aegon UK chief executive Adrian Grace told Money Marketing it is readying to pay compensation to advisers and investors that were impacted by problems following the Cofunds replatforming in May.

Aegon moved more than 400,000 Cofunds’ advisers clients to the new Aegon platform over the first weekend of May.

However, 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 having to wait a long time to speak with customer service staff.

Aegon wrote to advisers in June apologising for the problems they experienced after the replatforming.

Issues with the migration continue and Aegon has confirmed some problems are yet to be resolved.

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