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Cofunds crashed Christmas

IFAs are demanding compensation from Cofunds after it bombarded computer systems with thousands of copies of a Christmas greeting, crashing networks and halting business.

Hundreds of IFA firms were faced with an unstoppable barrage of emails from Cofunds as the same Christmas tidings were sent over and over again.

Some firms received as many as 16,000 emails telling them that Cofunds would be making a donation to charity and bearing Christmas and New Year tidings.

Firms were forced to abandon systems, losing out on valuable business.

West Sussex firm Investment Solutions got over 400 emails. Chairman Keith Mitchelson says: “It is not acceptable. Christmas is a vital time when it is difficult to do business anyway. We can do without something like this.”

Cofunds marketing director Rick Andrews says: “Something went wrong with the server and we only found out on the Monday morning so they were sent out all weekend. The frustrating thing is we were sending emails to raise money for charity.”

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