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Supermart that is not so super

The idea of so-called fund supermarkets seems extremely good. The ability to access several different fund managers via a Pep or Isa enables clients to diversify their investments in a way previously available almost exclusively via Skandia Life(a very efficient organisation).

One such fund supermarket is Cofunds, which deals purely with the admin and gives access to a growing number of external managers, except dealing with the admin seems totally beyond Cofunds.

This organisation seems to be in a complete mess, from sending out literature with pages missing to contract notes to clients with the wrong investment amount, comm-ission paid to the wrong network on three out of three cases, with refusal to pay until they have clawed back that wrongly paid by them, non-returning of phone calls by senior staff as promised and false assurances that commission has at last been paid. This company is a night-mare to deal with and I will avoid them like the plague in future. You have been warned.

Gary Butcher

Hadleigh Financial Services, Ipswich

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