Aegon chief says platform still needs work

Aegon chief says platform still needs work

Adrian Grace, Aegon's chief executive, said the company still has a "huge focus" on improving its platform as he appointed a Ed Dymott to a newly-created technology role.

In May Aegon began the replatforming and integration of the Cofunds platform it bought for £160m in 2016 but since then advisers have reported a range of problems. 

Mr Grace said: "We still have some work to do to improve the service for users of what was Cofunds and this is a huge focus for the business."

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Mr Grace was commenting as Aegon  confirmed it would appoint Mr Dymott to the newly-created role of managing director for transformation, innovation and growth.

Mr Dymott, who was previously employed at Fidelity International as head of business development and strategy, will be responsible for strategic planning and ensuring Aegon is well-placed to capitalise on changes in adviser and customer needs.

This will involve analysis of industry developments including the latest in financial technology and assessing new propositional opportunities. Where opportunities for change exist, he will oversee the delivery of activity to create new capabilities within the business. Mr Grace said: "Ed brings a combination of deep industry knowledge and a track record of aligning businesses with emerging trends and opportunities. I look forward to working with Ed to help identify the customer, regulatory and technology changes that will define this industry in the years ahead and to providing him and his team with the resources to ensure we are well placed to capitalise on them."

His comments come as Ian Lowes, managing director of Lowes Financial Management in Newcastle, said the problems he has faced from the platform had not been resolved.   

He said: "It continues to be the biggest, most disruptive issue this business has been hit with in our 47 year history."