Aegon starts payouts to customers over Cofunds issues

Aegon has this week written to customers who are eligible for compensation following issues with the Cofunds replatforming and expects the first payments to be made from tomorrow.

Aegon met with its advisory board last week and called the meeting “constructive but challenging”.

The board is made up of advice firms brought in to contribute to discussions on how Aegon is developing its platform.

In a statement, Aegon says the compensation covers customers who experienced delays in their trading requests being processed after the migration of assets from Cofunds to the new Aegon platform in May.

Aegon says it has identified the impacted customers and has started a process to make sure none are worse off and are compensated for the delays.

The provider declined to comment on how many customers it is compensating. It says it is a small number in proportion to its customer base.

Aegon is also processing compensation for advisers.

While there were service issues following the May migration, Aegon says calls are now being answered within normal waiting times, illustrations are being produced on time and money-in and money-out requests are processing as normal.

Aegon says in a statement there is still work to do and it is currently focusing on working through complaints and responding to email requests for information faster.

Chief distribution officer Ronnie Taylor says: “While the meeting was challenging, it was also extremely constructive and has confirmed the clear path we need to follow over the next few months.”

Taylor says: “There is still much for us to do, particularly around operational improvements and proposition enhancements, to get back to delivering the service our advisers and their clients deserve. We are completely focused on achieving this.”

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

However, around 400 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.

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  1. I’d be very interested to hear some success stories for adviser compensation in this instance, and to whom they were addressed, we have had serious issues much to our detriment.

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