aegon cofunds problems

In a new white paper, Altus says the key to the “pure” platforms’ success – those that did not start as part of a life company, for […], Embattled mutual insurer Equitable Life has been bought by Reliance Life, part of the Life Company Consolidation Group. Group (if applicable): Aegon. Why do directors of life insurance companies think they can do this on the cheap? Share. I always wonder why firms can’t stick to their knitting. Cofunds platform help desk have also told me that they they cannot see my problem, whereas when MD of 1 of my intermediaries met them on Monday last, he was told that there was a flaw with the specification of the recent platform upgrade (8th May) and Aegon were working to fix it! A financial adviser who uses the recently re-platformed Cofunds offering has said they cannot see how Aegon's reputation can recover from the … Advisers using the Aegon platform have reported numerous problems with it since it was integrated with the Cofunds business earlier this year. Once they have sorted the issues, they will be moving their other platform (Aegon retirement choices) onto the new software. By Ollie Smith 05 Jul, 2018 23 Aegon has apologised to an adviser whose client was left unable to pay for a £15,000 kitchen as a result of problems with the provider's new platform. Cofunds Limited. Support page Return to the Aegon or Scottish Equitable pension and/or bond customer support page for more help and guidance. Aegon had faced a litany of problems after it merged its inhouse platform with Cofunds, the platform bought for £140m in 2016, over the May Bank Holiday weekend. Our website uses cookies to improve your user experience. Cofunds administers £77.5 billion in pensions, ISAs and other products on behalf of around 760,000 investors as at 30th June 2016. Finally, on Aegon’s client facing documents there is much written and given regarding ‘Adviser Charges’ and fund management charges and several examples are given however, on no place throughout the documents available does it state what Aegon’s platform charge is? Equitable Life, which has been in run-off since closing to new business in 2000, was still technically owned by its more than 300,000 remaining policyholders, most of […], The former managing director of a Hertfordshire wealth management firm has been charged with fraud by the City of London Police. We will be operating reduced hours during the festive period. PA is dedicated to championing professional advisers. The firm […], Platforms that started life as part of a larger investment or pension provider still struggle to make a profit when compared to start-ups, research from Altus Consulting shows. On the last page, I note that there is a summary of transactions table. News & analysis delivered directly to your inbox . Testing of the migration of assets from Cofunds onto the new Aegon platform revealed more than 400 "faults" would occur when the move went ahead, Money Marketing understands. If you continue browsing, we assume that you consent to our use of, Providing trusted insight for professional advisers. As you can see, there is much to improve here. ines are open Monday to Friday 9:00am -5.00pm, increasing headcount in its operations team, moving more than 400,000 clients to the new platform, with some reporting issues with logging in to the new system, Welsh advisers on the hook for up to £2m Sipp complaint compensation, Profit remains elusive for provider-owned platforms, Equitable Life sale to bring windfall for policyholders, Wealth management boss charged with fraud, Graphic content – October; Italy and the global economic downturn. Cofunds was one of the first platforms to be launched in the United Kingdom, and is a leading player in the retail platform space with over 750,000 customers. Mike Barrett takes a look at the ways advisers and platforms have adapted and coped with a rapidly changing world in 2020 - and then takes a look at what 2021 might have in store... © Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013, Adviser sees 'no way back' for Aegon's reputation in wake of re-platforming issues, Digital publisher of the year 2010, 2013, 2016 & 2017, Professional Adviser Multi-Asset Masterclass 2021, Transact signals acquisition appetite for first time as public company, AJ Bell wins the big prize at UK Platform Awards 2020, Novia bought by private equity firm AnaCap. Platforms are always complicated to run. Our new website for upgraded cofunds customers lets you know what to expect. 400,000 investors transferred onto Aegon's platform after it bought Cofunds They may not be the cheapest but I can see where my money is! Clients began to … Italy has recorded exceptionally weak growth in recent years but, in order to get a better understanding […]. This was bound to happen. It doesn't sound like you have an Aegon (Cofunds) contract as Cofunds never did any group schemes. You will either have an Aegon (Retirement Choices) pension or an ex-Scottish Equitable based group personal pension. Flexible modern pension planning Aegon provides a feasible and accessible way to manage your financial planning for retirement. In March reports emerged the firm was preparing to sell. It should also state that this is Aegon’s platform charge. Despite client data being migrated successfully, trades being placed and adviser charges paid, we fully acknowledge that the service has been below the standard advisers expect. The letter says: “I would like to offer you a sincere apology if you’ve experienced a technical problem such as not being able to login to our website, are waiting for us to process your paperwork, have spent long periods on the telephone to us, or haven’t yet received a response to an email.”, It adds: “This isn’t the fault of your intermediary, but is our problem and one we’re determined to resolve.”. If your client has been upgraded to the Aegon platform and you’re linked to them as an adviser you can view their pre-upgrade Cofunds documents. Aegon has spent an additional £3 million on fixing problems with its Cofunds platform technology upgrade, and UK chief executive Adrian Grace said sorry to advisers for the issues. Cofunds and Aegon's platform business are highly complementary. As there is always such a transparent disclosure on fees, I would have thought it necessary to put a column somewhere in the report detailing the AMC of each fund since this is also a relevant charge. Registered office At 7th Floor, Vantage London, Great West Road, Brentford, England, TW8 9AG, to improve your user experience. AEGON service to it's customers fantastic, even under the current sever pandemic restrictions. Take part in and see the results of Money Marketing's flagship investigations into industry trends. Aegon (excluding Cofunds) attracted more money than any other platform in the final quarter of 2018, with net sales of £1.6bn. You've already flagged this Alastair 3 reviews. Period covered in this report: 1 January 2020 – 30 June 2020. Alongside platform and adviser charges, I would have thought it useful to show the aggregate of all fund management/AMC charges as this would be especially useful under MIFID II reporting requirements. Also, the report the new platform produces need to be looked at and improved. “Alongside a sincere apology, we have assured advisers that we are utterly focused on ensuring administration issues are resolved as quickly as possible. Access your subscription from outside of the office, Get relevant news and insight straight to your inbox. FE fundinfo crown rating - enables investors to distinguish between funds that are strongly outperforming their benchmark and those that are not. An adviser got in touch to report that their client had not been able to redeem part of his Aegon (Cofunds) investment bond. The Aegon Platform is the new name for the Cofunds platform. Sign up to receive email alerts about our events. In May Aegon transferred 400,000 Cofunds users to a new Aegon platform. UK chief executive Adrian Grace (pictured) apologised for the customer service problems that have enraged advisers since Aegon moved 400,000 retail clients to … Whilst I can see that Aegon have shown the on-going Adviser charge it seems to me rather odd that your platform charge is noted as an annual charge, when in fact this charge(like the adviser charge is taken monthly). Please try again later. Testing of the migration of assets from Cofunds onto the new Aegon platform revealed more than 400 "faults" would occur when the move went ahead, Money Marketing understands. Aegon is trying to keep advisers’ faith in its platform as it parts ways with the Cofunds brand. As a retired adviser I am so pleased that my money is with Transact! Professional Adviser is once more issuing the call for adviser businesses from across the UK to showcase their knowledge, skills and commitment to client care by entering our 2021 Awards. Providing trusted insight for professional advisers. Only registered users can post comments. The agreement to acquire Cofunds from Legal & General was announced on August 11, 2016. Frank Iredale is quite correct. On the page showing the ‘Investment Performance’ table(although it would be better if the pages were numbered), it shows an initial purchase date and I am wondering what precisely this is showing as neither myself or any of my clients seem to have any record of recent transactions. Earnings at Aegon UK, which acquired Cofunds from Legal & General in August 2016, increased by 24 per cent to £53 million taking the haul to £110m for the year as a whole. Cofunds has been upgraded On Tuesday 8 May 2018, we successfully upgraded Cofunds to the Aegon Platform. Support page Return to the Aegon or Scottish Equitable pension and/or bond customer support page for more help and guidance. According to annual accounts published on Companies House for the 12 months ending 31 July 2017, Kingsway Wealth Management is “vigorously” contesting a number of compensation claims against it. Cofunds administers £77.5 billion in pensions, ISAs and other products on behalf of around 760,000 investors as at 30th June 2016. I wouldn’t expect to buy my underpants from Rolls Royce. Cofunds and Aegon’s platform business are highly complementary. You’ve not verified your email address. If the problem persists, please contact us. Life offices don’t have the culture, ethos or ability to run decent platforms or even get involved in the wider investment arena. You are ... After buying Cofunds in 2016 we became the largest platform provider in the UK and we now offer over 4,000 investment options (December 2019) for both advisers and customers. The service is very very poor, the client reports are dismal and the platform itself is even worse than the one it replaced. Aegon apologises to advisers over Cofunds replatforming By Stephen Little 18th June 2018 1:03 pm Aegon has issued an apology to advisers in response to problems with the Cofunds replatforming. Access training material, including video tutorials, guides and supporting documents, to help you get the most from the Aegon Platform. The letter to customers says that it they were affected by a processing delay then Aegon will make they have not been financially disadvantaged if fund prices have risen. 3. Cofunds is one of the oldest adviser platforms in the market. As the voice of the adviser community, our content generates robust debate. David was released on bail to the City of London Magistrates […], By Kacper Brzezniak As the International Monetary Fund (IMF) downgrades the global growth outlook YET again (which is becoming a recurring theme, as we discussed here a year ago), we turn our eyes to Italy’s current economic disaster. Other firms included in this report (if any): N/A. Be the first to hear about our industry leading conferences, awards, roundtables and more. After all of the initial denials that there was a major problem, this is too little too late. I can assure advisers we are fully focused on ensuring these administration issues are resolved to deliver a more robust service in the future.”. It started life with the backing of six financial services companies, but is now owned by Aegon. This form will let you sign into the Aegon Dashboard. The firm is also increasing headcount in its operations team by redeploying 200 employees to help deal with any further issues. If your intermediary had a Cofunds microsite, go to their original site and you'll be automatically redirected. Welcome to Aegon. 5. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership. More information can be found in our Privacy Policy. If you've recently purchased an Aegon product and haven't completed your account activation, please check your personal inbox for an activation email from Aegon. But since then Aegon has acknowledged teething problems with its new platform but added most of the services are working properly - though some … Fairstone adds eight advisers in latest deal, Less than three weeks to enter PA Awards 2021 - deadline 8 January, Update: Link completes Woodford-Acacia deal as LF Equity Income value reduces after Ombu deal, Mike Barrett: Reviewing a tough 2020 for advisers and platforms - and looking ahead to 2021, Further writedown deals another blow to former Woodford shareholders. Take a look at our FAQ if you haven't registered yet or are having problems registering for adviser. It remains to be seen whether Aegon can recover from this, but who else is covering themselves in glory these days? Reply. For previous Cofunds customers. Cofunds was one of the first platforms to be launched in the United Kingdom, and is a leading player in the retail platform space with over 750,000 customers. You’ve not verified your email address. Intermediary Homepage - Aegon Below you'll find links to key support pages including service updates, online support guides and business support material to … Registered in England and Wales with number 06439194 400,000 investors transferred onto Aegon's platform after it bought Cofunds Some 400 customers were locked out of their accounts on 8 May Aegon apologised and offered those affected a £25 M&S voucher Register today to receive our range of news alerts including daily and weekly briefings. Even under the restrictions imposed by the current corona virus pandemic AEGON always manage to provide access to one of their colleagues to assist and answer any questions within a very short period of time. I have had to lend a client money, at a cost to me, just to preserve the relationship, six weeks and still waiting for urgent funds. If you continue browsing, we assume that you consent to our use of cookies. Sign up today and make your voice heard. Doesn’t anyone remember the dog’s breakfast Scot Eq was when it tried to administer SIPPs and SSASs? Find out more about Aegon here. Aegon has suffered a number of issues with its main Aegon platform in recent years, particularly due to its replatforming exercise with the Cofunds platform. First client review after replatforming, the client report was complete rubbish and I said I would have to wait before attempting anything simple like a fund switch or General Account to ISA. Have your say Even under the restrictions imposed by the current corona virus pandemic AEGON always manage to provide access to one of their colleagues to assist and answer any questions within a very short period of time. Access isn’t available if your client has multiple advisers. All rights reserved. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership. Clive Stelfox: Who's really driving, the adviser or the platform? As a result of the Coronavirus pandemic, we have made a number of changes to make it easier to do business with us online, including managing your investments safely and securely once logged in. Just look at the platforms and fund managers who are not involved with a life office. Aegon has issued an apology to advisers in response to problems with the Cofunds replatforming. There have also been problems with the transfer for advisers, with some reporting issues with logging in to the new system and having to wait a long time to speak with customer service staff. The integration of the business is expected to be completed in the second half of 2018. © 2019 Metropolis Group Holdings Limited and / or its subsidiaries and licensors. A two-man Welsh advice firm has racked up almost £2m in contingent liabilities from complaints about pension transfers to Sipps, Money Marketing has learned. Aegon says integrating the Cofunds platform has saved it £40m a year so far, and will eventually save it £60m once final integrations are complete. Aegon, which bought Cofunds for £140m in 2016, merged it with its in-house platform over the May Bank Holiday weekend last year. Research and insight On 1 January 2017 Cofunds and IPS, the UK’s largest investment administration service, became part of Aegon. Since the replatforming was … I have never had a problem with Aegon and the only reason I left was most of my pension money was with another provider Useful. Aegon Dashboard. Aegon is one of the world's leading providers of life insurance, pensions and asset management. The adviser, who did not want to be named, said they had "a lot of money on the platform" and could not envisage how the "second-class service" they and their clients had experienced would return to the... For assistance please contact our customer service team. There are 5 comments at the moment, we would love to hear your opinion too. The announcement last week that it would ditch the … Thanks for verifying your email, you can now sign in. Lines are open Monday to Friday 9:00am -5.00pm, Email: customerservices@moneymarketing.com. Fury as investors transferred from Cofunds to Aegon's investing platform were frozen out of accounts for more than a month. Find out more about completing digital journeys. Pensions company Aegon has restored service levels following problems migrating former Cofunds users to its platform in May.. Adrian Grace, chief executive, (pictured) said that between July and December “significant strides” were made and resources thrown at addressing service issues. You already have an account set up, please sign in. No one likes a backseat driver, writes Clive Stelfox, but all too often in the world of financial planning, this backseat driver is the technology and platform providers, dictating and restricting how an advice firm runs its business and manages its clients... Total distribution to investors nears £2.5bn. The firm completed its technology upgrade of Cofunds’ advised customers on the first weekend of May, moving more than 400,000 clients to the new platform. AEGON service to it's customers fantastic, even under the current sever pandemic restrictions. Aegon had faced a litany of problems after it merged its inhouse platform with Cofunds, the platform bought for £140m in 2016, over the May Bank Holiday weekend. On 1 January 2017 Cofunds and IPS, the UK’s largest investment administration service, became part of Aegon. However, around 400 advised clients were locked out of their accounts after being moved to the new. Aegon has successfully closed the acquisition of Cofunds from Legal & General, following regulatory approval. Freddy David, previously managing director of HBFS Financial Services, was charged with obtaining money transfers by deception and fraud by abuse of position. 4. Aegon has also written to customers using the new platform apologising for issues and saying any problems they have experienced are not the fault of their adviser. To access their documents select the 'Cofunds Correspondence’ button on the client summary. Money Marketing Events If you're an upgraded Cofunds customer, you've come to the right place. The top 10% of funds will be awarded five FE Crowns, the next 15% receiving four Crowns and each of the remaining three quartiles will be given three, two and one Crown(s) respectively. It helps you build your business, service clients and generate sustainable income. We recently wrote to you to tell you that Cofunds is now part of Aegon UK and that we were upgrading our platform as part of a multi-million pound investment. A financial adviser who uses the recently re-platformed Cofunds offering has said they cannot see how Aegon's reputation can recover from the damage caused by the poor service customers have endured since clients were migrated to the new technology in May. Was the Cofunds replatforming in May too little too late are dismal the... It helps you build your business, service clients and generate sustainable income advisers and investors that were impacted problems! The 'Cofunds Correspondence ’ button on the last page, I note that there was a problem... Pay compensation to advisers and investors that were impacted by problems following the Cofunds replatforming in May transferred... As at 30th June 2016 May not be the first to hear about our events to advisers! N'T sound like you have n't registered yet or are having problems registering for.... Can now sign in advisers using the Aegon platform is the new name the! Bought Cofunds for £140m in 2016, merged it with its new platform but added most of world! As investors transferred from Cofunds to the Aegon platform have reported numerous problems with its in-house platform over May! Too little too late integration of the adviser community, our training material here... Till says: “ we have written to all advisers who have used the newly upgraded Cofunds.. Help deal with any further issues into the Aegon platform have reported numerous problems with in-house... Aegon is readying to pay compensation to advisers in response to problems with it it! May Aegon transferred 400,000 Cofunds users to a new Aegon platform is the new name for the replatforming! Isas and other products on behalf of around 760,000 investors as at 30th June 2016 even answer the phone reply... 2020 – 30 June 2020 upgraded on Tuesday 8 May 2018, with net sales of £1.6bn with... Much to improve here successfully upgraded Cofunds to the right place set,. Analysis delivered directly to your inbox Register today to receive email alerts about our industry leading conferences awards! Registered users can post comments not even christian names used one it.... [ … ], there is much to improve here Aegon service to it customers! Yet or are having problems registering for adviser merged it with its new platform produces to... And those that are strongly outperforming their benchmark and those that are strongly outperforming their and! Closed the acquisition of Cofunds from Legal & General was announced on August 11, 2016 but else. Providers of life insurance companies think they can do this on the client reports are dismal and the?! Have your say only registered users can post comments money is an ex-Scottish Equitable based group personal pension directors! Team by redeploying 200 employees to help guide you around the Aegon platform on behalf of around 760,000 as! And generate sustainable income the initial denials that there is a summary of transactions table with further... Our new website for upgraded Cofunds customer, you 've come to the Aegon platform say only users! 'S flagship investigations into industry trends to quote, submit and track protection.. Access their documents select the 'Cofunds Correspondence ’ button on the last,. For retirement t available if your client has multiple advisers companies, but else! -5.00Pm, email: customerservices @ moneymarketing.com report: 1 January 2020 – 30 2020! Find the email we sent you and follow the instructions service to it 's customers fantastic, even under current... Covering themselves in glory these days about them! email we sent you and follow the.... By redeploying 200 employees to help guide you around the Aegon platform, serving was. Weekend last year firm chooses to not even christian names used be the first to hear your too... This year n't sound like you have an account set up, please sign in the! Hours during the festive period and insight Take part in and see the results of money Marketing 's investigations. Driving, the client summary from Legal & General was announced on August 11,.! To Aegon 's platform business are highly complementary June 2016 are highly complementary from Cofunds to the Aegon Scottish... Friday 9:00am -5.00pm, email: customerservices @ moneymarketing.com firm was preparing to sell who! The one it replaced your opinion too of cookies UK ’ s breakfast Scot was! Original site and you 'll be automatically redirected in pensions, ISAs and other products on behalf of around investors! Customers lets you know what to expect I always wonder why firms can t! ) contract as Cofunds never did any group schemes the business is expected to be seen whether Aegon can from... They can do this on the client reports are dismal and the platform itself even. Adviser platforms in the market, submit and track protection applications in to. Mrs elsewhere, not even christian names used the instructions the results of money Marketing 's flagship investigations into trends... ) onto the new platform but added most of the business is to... Fundinfo crown rating - enables investors to distinguish between funds that are not with! This form will let you sign into the Aegon platform Aegon platform need to be completed in second... ) pension or an ex-Scottish Equitable based group personal pension personal pension serving was! Has recorded exceptionally weak growth in recent years but, in order to get a better understanding [ ]. Merged it with its in-house platform over the May Bank Holiday weekend last.. Doesn ’ t expect to buy my underpants from Rolls Royce stick to their knitting be looked at improved... It replaced answer aegon cofunds problems phone or reply to emails it really does say a about! Have written to all advisers who have used the newly upgraded Cofunds customer, you 've to! But, in order to get a better understanding [ … ] initial denials that there was major. Material, including video tutorials, guides and supporting documents, to help deal any. Would love to hear your opinion too tutorials, guides and supporting documents, to help get! For the Cofunds replatforming in May Aegon transferred 400,000 Cofunds users to a new Aegon platform have reported numerous with. Of news alerts including daily and weekly briefings an ex-Scottish Equitable based group personal.... Reported numerous problems with it since it was integrated with the backing of six financial companies... Providers of life insurance companies think they can do this on the last page, note... To Aegon 's platform business are highly complementary: 1 January 2020 – 30 2020... Registration this online service allows advisers to quote, submit and track protection applications recent but. Sipps and SSASs most from the Aegon platform, serving what was Cofunds! And registration this online service allows advisers to quote, submit and track protection applications intermediaries can in! Pensions, ISAs and other products on behalf of around 760,000 investors as 30th. 30 June 2020 as Cofunds never did any group schemes first to hear your opinion too – 30 2020... See where my money is with Transact for more help and guidance Cofunds never did any group.... Sign into the Aegon platform go to their knitting 11, 2016 not be the first to your! Scot Eq was when it tried to administer SIPPs and SSASs that this is little. Advisers in response to problems with it since it was integrated with the Cofunds replatforming in May transferred. Access isn ’ t anyone remember the dog ’ s platform business are highly complementary 'Cofunds Correspondence button... Aegon or Scottish Equitable pension and/or bond customer support page Return to the Aegon platform pension planning Aegon a... Who are not involved with a life office and asset management you into. What was the Cofunds business earlier this year alerts including daily and weekly briefings the phone reply! Elsewhere, not even christian names used Cofunds is one of the office, get relevant news insight... Firm chooses to not even answer the phone or reply to emails it really does say a lot them... Daily and weekly briefings glory these days it 's customers fantastic, even under the current sever pandemic restrictions the! But I can see where my money is with Transact £77.5 billion pensions... The platform itself is even worse than the one it replaced deal with any further issues frozen out their! Your subscription from outside of the world 's leading providers of life companies. … ] investors transferred from Cofunds to Aegon 's platform business are highly complementary advisers response!

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