View more on these topics

IFA caught in impasse on admin

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.”

Recommended

Network deal for GI supplier

Berkeley Alexander has become the preferred supplier of general insurance products to members of the HomeLoan Partnership network.

Allianz takes 10% stake in broker Oval

Allianz Insurance has bought a 10 per cent stake in insurance intermediary Oval Group.Oval says the buy should enable it to fund further acquisitions and allow existing shareholders to take profits from the firm. But Oval is adamant it will remain an independent business, pointing out it has existing institutional shareholders that have not compromised […]

Lords’ committee in call for FOS review

The House of Lords select committee on regulators is calling for a review of the Financial Ombudsman Service by the National Audit Office.The first report from the committee, published this week, says the Government should commission a review of “the economy, efficiency and effectiveness of the FOS”.It says the review should consider the extent to […]

Retirement fund - thumbnail

What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment