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Cofunds waiting for Imro

Cofunds&#39 launch was further delayed this week as the IFA fund supermarket awaited approval from Imro and the Inland Revenue.

As Money Marketing went to press on Tuesday, Cofunds said it hoped to have approval before the end of the week. It will be unable to take any money until full authorisation has been acquired but it says it is permitted to register IFAs.

Despite the setback, Co funds went ahead with its first launch roadshow in London on Monday, announcing it will be teaming up with US rating agency Morningstar.

Morningstar is due to launch in the UK in March. Cofunds is looking for the agency to provide its fund and portfolio analysis tools. Its service is comparable with Standard & Poor&#39s Micropal, offering ratings for funds based on past performance.

Speaking at the roadshow, Morningstar Europe strategy director Kenton Smith said Morningstar would be offering a white-labelling service to IFAs later this year.

Cofunds head of sales Rod ney Aldridge says: “We cannot trade until we get Imro app roval but we can start signing up intermediaries. We are confident that, as their user IDs are issued, we will be up and running.”

A senior industry source, which has signed up to the Cofunds platform, says: “I think Cofunds is going to struggle this Isa season. Most IFAs have already got their mailings out and decided which funds they are going to pick for this season. It is going to be a tough ride for them.”

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