Aegon says it is not underestimating the “mountain” it has to climb to win back advisers’ trust as some issues following the Cofunds replatforming remain unresolved.
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 after being moved to the new platform.
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.
In an update today, the company says there are still problems that have not been resolved.
It says call centre waiting times for advisers need to be improved and waiting times for responses to emails and transfers need more progress.
Aegon also says more “online processes” are planned, including the quote and apply process for ISAs and GIAs.
However, the provider says that in the past five weeks there have been improvements to payments in and withdrawals.
It also says that high-volume client money transfers from GIAs to ISAs can be done online and the backlog of illustrations has been cleared.
Aegon digital solutions managing director Mark Till says: “We’re not underestimating the mountain we have to climb in terms of winning back the confidence of intermediaries. We’re fully aware that we’ve created tough operating conditions for them and their clients and we’ve learnt some hard lessons as part of this process.”
Till says: “Our recovery plan is now fully mobilised and helping to bring servicing back in line with what our customers should expect, although we’re aware that improvements will take time to filter through.”
He adds: “We deeply regret the situation we’ve created and we’re taking every action we can to return to delivering a service we can be proud of. We will continue to apply additional resource to make sure that intermediaries have visibility of the improvements as quickly as possible.”
Aegon increased headcount in its operations team by redeploying 200 employees to help deal with any further issues.