Aegon reviews processes after charges error


Aegon is to make changes to how it communicates charges after admitting it sent conflicting information about a customer’s fund fees.

Correspondence seen by Money Marketing between an adviser – who wishes to remain anonymous – and the provider shows total expense ratios differed across a range of funds when quoted three weeks apart.

The adviser says: “Different charges given at different times led us to provide incorrect information to our client at a key point in time as he’s nearing retirement – this could have affected our advice.”

In addition, Aegon admits it is investigating projections provided for two of the adviser’s clients. The clients were considering transferring group personal pensions to L&G following their employer’s decision to switch pension providers.

The adviser says: “We had an ongoing issue where you [Aegon] continually providing us with incorrect projections that left us at high risk of providing incorrect pension transfer advice.”

They add: “Worse, this was in the matter of a scheme closure whereby potentially thousands of members of this scheme were also going to be given duff information that could influence their decision to transfer or not.”

An Aegon spokesman says: “We are committed to offering every customer a high level of service and apologise for the delays caused.”