An adviser fed up with Aegon's replatforming issues has run into problems when she tried to transfer part of her Isa portfolio across to Fidelity's Fundsnetwork.
Jenny Griffiths, who runs Stourbridge-based adviser CP Griffiths & Partners, decided to switch her Isa across to Fundsnetwork to check the process was swift and didn't cause any headaches ahead of switching her clients across.
Her motive for wishing to transfer was frustration at the quality of service received by Aegon since the upgrade.
She said: "I want to transfer because of recent issues. We have requests that have not been delivered by Aegon since the start of May.
"If you go on the phone to them you are waiting for more than half an hour. The website is a joke. How they can get away with calling it an upgrade I don't know. When it was Cofunds requests used to be handled in a day."
She told Aegon she intended to transfer her own Isa pots to Fundsnetwork on 29 May and received notification from Fundsnetwork that the transfer was completed on 13 June 2018.
Fundsnetwork told her they would only have been able to complete the transfer if they have received confirmation from Aegon.
As of Monday (23 July), she was continuing to receive daily valuations from Aegon for two of her nine funds despite the fact they are no longer on the Aegon platform and she can view them on Fundsnetwork.
Ms Griffiths said: "This false value is feeding through to our client Intelliflo portal where clients can log in and see their valuations, which are updated daily.
"I expect it will also be shown on the next statement from Aegon. I had raised this issue with Aegon last month and they said that they had not had chance to cancel the units.
"My concern is that clients receiving inaccurate valuations will be very disappointed if they do not realise it is an error as it is not possible to withdraw the money. Clients don't really pay attention to what is going on with a lot of these technical issues, so what worries me is they could think they have a bigger portfolio than they do have."
FTAdviser has seen the statement from Aegon indicating two funds appear to remain on the platform, which is dated 23 July, more than six weeks after Fundsnetwork reported the Isas were now invested via their fund supermarket.
Ms Griffiths said: "My Isa was transferred to FundsNetwork as an experiment to identify potential problems with the transfer process before I start moving client money.
"Having done so the main issue is that over a month after the transfer has been completed, Aegon have not cancelled all of the investment funds from the account thus resulting in an invalid valuation.
"Delays in cancelling transferred funds from client accounts is very concerning as it will inevitably result in clients seeing inaccurate valuations of their portfolio whether this is through our client portal, logging into the Aegon website and maybe even through a valuation sent by Aegon in the post."