Aegon says progress has been made on platform

Aegon says progress has been made on platform

Aegon has made progress in addressing the issues caused by the migration from the Cofunds platform and said it "deeply regrets" the disruption it caused.

In an update on its platform service levels, the company said its recovery plan has been implemented and progress had been made in "a number of key areas" but a senior employee said there were still areas which "require focus".

Among the progress cited by Aegon has been the improvements made to payments in and withdrawals, the backlog of illustrations has been cleared and high volume client money transfers from general investment accounts to Isas is now an online process.

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Mark Till, managing director for Aegon Digital Solutions, also said that while call centre waiting times were operating at normal levels for clients, more action was needed to improve them for advisers.

Aegon also said it needed to take more action to improve the time taken to respond to email enquiries and to put more processes online.

Mr Till commented: "We’re not underestimating the mountain we have to climb in terms of winning back the confidence of intermediaries. We’re fully aware that we’ve created tough operating conditions for them and their clients and we’ve learnt some hard lessons as part of this process.

"Although the initial movement of client data went well, a number of propositional and operational issues emerged, significantly impacting the level of service we were able to deliver.

"Our recovery plan is now fully mobilised and helping to bring servicing back in line with what our customers should expect, although we’re aware that improvements will take time to filter through."

Mr Till added: "We deeply regret the situation we’ve created and we’re taking every action we can to return to delivering a service we can be proud of.

"We will continue to apply additional resource to make sure that intermediaries have visibility of the improvements as quickly as possible."

Over the May Bank Holiday weekend more than 400,000 users of the Cofunds retail platform and £37bn of assets were moved across to the Aegon platform.

Aegon bought Cofunds in 2016 for £140m and has been planning the integration of the two platforms ever since.

Since the replatforming, FTAdviser received feedback from advisers around the country that reported difficulties using the revamped platform.