An adviser claims he has been blacklisted by Cofunds and is no longer allowed to place any new business on the platform after his password did not work.
Ian Lees, director of Ian Lees & Co Asset Management, says he had a Unipass certificate to access Cofunds but that when he tried to log in to his account, the password failed.
After contacting Cofunds, the administration department said they would wipe all the data off the system and try to re-input it to address the problem.
But Lees says this only deleted all the links which had been set up from his clients’ to fund providers.
Several weeks later, Lees says he received a letter from Cofunds saying it would no longer allow anyone from his firm to place new business on the platform.
Lees says: “They gave me no reason why. They closed ranks and refused to speak and so I had no choice but to leave.
“The sad thing is that our clients who still have their existing investments on the platform cannot increase their holdings with Cofunds. I could never recommend Cofunds to any other advisers.”
Cofunds communications consultant Richard Eats says: “This is an administrative issue between the IFA and Unipass and we have endeavoured to help in this situation but it is not in our power to provide him with a Unipass licence.”