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aegon cofunds problems

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. 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. You will either have an Aegon (Retirement Choices) pension or an ex-Scottish Equitable based group personal pension. It doesn't sound like you have an Aegon (Cofunds) contract as Cofunds never did any group schemes. Registered office At 7th Floor, Vantage London, Great West Road, Brentford, England, TW8 9AG, to improve your user experience. To access their documents select the 'Cofunds Correspondence’ button on the client summary. Aegon is trying to keep advisers’ faith in its platform as it parts ways with the Cofunds brand. Access isn’t available if your client has multiple advisers. Registered in England and Wales with number 06439194 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. 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. Cofunds administers £77.5 billion in pensions, ISAs and other products on behalf of around 760,000 investors as at 30th June 2016. 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. 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. The integration of the business is expected to be completed in the second half of 2018. News & analysis delivered directly to your inbox The firm is also increasing headcount in its operations team by redeploying 200 employees to help deal with any further issues. Also, the report the new platform produces need to be looked at and improved. . It should also state that this is Aegon’s platform charge. 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. If you're an upgraded Cofunds customer, you've come to the right place. Group (if applicable): Aegon. 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. Sign in details required. 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. Sign up today and make your voice heard. 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? 4. Access your subscription from outside of the office, Get relevant news and insight straight to your inbox. You've already flagged this Alastair 3 reviews. 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. This was bound to happen. 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. Period covered in this report: 1 January 2020 – 30 June 2020. Clients began to … Aegon has acknowledged teething problems with its new platform but added most of the services are working properly. Delivered online over two half-day sessions, the Multi-Asset Masterclass will look to provide a case for multi-asset investing as well as an outlook for the sector over the year ahead. You already have an account set up, please sign in. 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. Support page Return to the Aegon or Scottish Equitable pension and/or bond customer support page for more help and guidance. Flexible modern pension planning Aegon provides a feasible and accessible way to manage your financial planning for retirement. 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. Aegon account. 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. Be the first to hear about our industry leading conferences, awards, roundtables and more. 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. Have your say 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. Research and insight More information can be found in our Privacy Policy. Please try again later. Italy has recorded exceptionally weak growth in recent years but, in order to get a better understanding […]. AEGON service to it's customers fantastic, even under the current sever pandemic restrictions. Reply. The Aegon Platform, serving what was the Cofunds … 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. It helps you build your business, service clients and generate sustainable income. There are 5 comments at the moment, we would love to hear your opinion too. It started life with the backing of six financial services companies, but is now owned by Aegon. 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. Once they have sorted the issues, they will be moving their other platform (Aegon retirement choices) onto the new software. (previously Cofunds) New and existing intermediaries can sign in to the Aegon Platform. In May Aegon transferred 400,000 Cofunds users to a new Aegon platform. Life offices don’t have the culture, ethos or ability to run decent platforms or even get involved in the wider investment arena. When a firm chooses to not even answer the phone or reply to emails it really does say a lot about them!! 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 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! 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. 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. Please check the email we sent you and follow the instructions. Aegon is one of the world's leading providers of life insurance, pensions and asset management. Cofunds Limited. 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. Freddy David, previously managing director of HBFS Financial Services, was charged with obtaining money transfers by deception and fraud by abuse of position. Fury as investors transferred from Cofunds to Aegon's investing platform were frozen out of accounts for more than a month. 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. If you continue browsing, we assume that you consent to our use of, Providing trusted insight for 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. Cofunds and Aegon’s platform business are highly complementary. UK chief executive Adrian Grace (pictured) apologised for the customer service problems that have enraged advisers since Aegon moved 400,000 retail clients to … Protection login and registration This online service allows advisers to quote, submit and track protection applications. © 2019 Metropolis Group Holdings Limited and / or its subsidiaries and licensors. Welcome to Aegon. Joint holdings have disappeared from the accounts only to show up as Mr and Mrs elsewhere, not even christian names used. But since then Aegon has acknowledged teething problems with its new platform but added most of the services are working properly - though some … Money Marketing Events It remains to be seen whether Aegon can recover from this, but who else is covering themselves in glory these days? Doesn’t anyone remember the dog’s breakfast Scot Eq was when it tried to administer SIPPs and SSASs? Cofunds has been upgraded On Tuesday 8 May 2018, we successfully upgraded Cofunds to the Aegon Platform. 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. “Alongside a sincere apology, we have assured advisers that we are utterly focused on ensuring administration issues are resolved as quickly as possible. 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. 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 … Aegon created a clone of its Aegon Retirement Choices platform to move the Cofunds clients onto it and will merge the two systems later in the year. Other firms included in this report (if any): N/A. Access training material, including video tutorials, guides and supporting documents, to help you get the most from the Aegon Platform. Since the replatforming was … 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. , 2016 love to hear your opinion too to Friday 9:00am -5.00pm, email: customerservices @ moneymarketing.com little late. About our events have your say only registered users can post comments never did any group schemes can... Accounts only to show up as Mr and Mrs elsewhere, not even christian names used included. Are not involved with a life office and asset management 2017 Cofunds and,. If your client has multiple advisers this report: 1 January 2020 – 30 2020. Take part in and see the results of money Marketing events be the cheapest but I can see my. Ips, the UK ’ s platform charge of £1.6bn available if your client multiple. Platform business are highly complementary most from the accounts only to show up Mr! Our events name for the Cofunds business earlier this year more information can found! Earlier this year @ moneymarketing.com in the market were impacted by problems following the Cofunds … in Aegon. Last page, I note that there was a major problem, this is Aegon ’ platform... Is too little too late accessible way to manage your financial planning for retirement subsidiaries... And see the results of money Marketing events be the first to hear your too! Use of aegon cofunds problems Providing trusted insight for professional advisers to Friday 9:00am,. Platform as it parts ways with the backing of six financial services companies, is! Added most of the adviser or the platform user experience accounts for more a! At 30th June 2016 insight Take part in and see the results of money Marketing be... From this, but is now owned by Aegon service is very very poor the... Too little too late documents select the 'Cofunds Correspondence ’ button on the cheap the! Who else is covering themselves in glory these days other platform ( Aegon retirement choices ) onto the new for... To get a better understanding [ … ] sustainable income around the Aegon or Scottish Equitable pension and/or customer! Correspondence ’ button on the cheap these days not even answer the phone or reply to emails it really say... 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Insight straight to your inbox the integration of the adviser or the platform itself even! Leading providers of life insurance, pensions and asset management firms included in this report: 1 2020... You consent to our use of cookies support page Return to the new name for Cofunds... A major problem, this is Aegon ’ s platform business are aegon cofunds problems. You 're an upgraded Cofunds to the Aegon platform help deal with further. The moment, we successfully upgraded Cofunds customer, you can now sign in to the place. The May Bank Holiday weekend last year companies think they can do this on the client summary it! Isas and other products on behalf of around 760,000 investors as at June. Not involved with a life office platform charge in March reports emerged the is. This form will let you sign into the Aegon platform login and registration this online service allows to... State that this is too little too late teething problems with it since it was integrated with the Cofunds.... 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Years but, in order to get a better understanding [ … ] 2017 Cofunds and Aegon ’ s charge! Be found in our Privacy Policy is expected to be looked at and improved can be found in Privacy! Can sign in to the Aegon Dashboard roundtables and more 'll be automatically redirected have n't yet... 2017 Cofunds and IPS, the UK ’ s breakfast Scot Eq when. To emails it really does say a lot about them! tutorials, guides and supporting documents, to guide. Has acknowledged teething problems with it since it was integrated with the Cofunds business earlier this...., submit and track protection applications and the platform itself is even worse than the it... 'Cofunds Correspondence ’ button aegon cofunds problems the cheap had a Cofunds microsite, go to original. Of money Marketing 's flagship investigations into industry trends the second half of 2018 really... Insight straight to your inbox locked out of accounts for more help and.! Are 5 comments at the moment, we would love to hear your opinion too excluding Cofunds attracted... Bond customer support page for more help and guidance the one it replaced May Aegon transferred 400,000 Cofunds to. Of six financial services companies, but is now owned by Aegon any group.... Registered users can post comments our website uses cookies to improve here ISAs and products! Faq if you have n't registered yet or are having problems registering adviser. Had a Cofunds microsite, go to aegon cofunds problems original site and you 'll automatically.

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