Aegon platform suffers direct debit issues

Aegon platform suffers direct debit issues

Aegon is in the process of correcting direct debit issues on its platform, which saw payments taken but no trades made.

According to Aegon, it is currently putting things right after advisers have complained direct debit payments were taken but not fully processed so funds did not appear on their accounts and trades were not made.

Aegon told FTAdviser that the money should be showing in people’s accounts now and that the trades would be made early next week.

The issue affects direct debits taken on July 26.

An Aegon spokesperson said: “We recently identified an issue for a small number of Aegon Platform customers where their direct debit payments were collected on 26 July.

“Although the direct debit payments were collected as usual, transactions weren’t fully processed. This meant subsequent transactions and payments weren’t applied. 

“This has now been actioned so advisers and their clients will see this payment on their account. We plan to place the subsequent transactions early next week.

“We’d like to apologise for any inconvenience caused and once we’ve placed the transactions, we’ll make sure customers aren't financially disadvantaged by the delay by correcting their account positions as soon as possible.”

Last month, Aegon told FTAdviser that its platform migration issues were in the past as 100 advice firms joined in the past year and existing firms returned to post service levels.

Ronnie Taylor, chief distribution officer at Aegon, said a number of firms left the platform as a result of the migration disruption but the more common response of advisers was to reduce the extent to which they used the Aegon platform over other providers. 

Now, he said, many of these firms were choosing to work more closely with Aegon again and in addition it has added about “100 new, significant firms over the last year or so”.

Aegon currently has about 1,000 firms that are actively managed out of about 6,000 advice firms which have assets on the platform.

Aegon bought the Cofunds platform in August 2016 but its later attempt to replatform resulted in a wide range of issues, with clients unable to access basic functions on the site for months. 

By June 2018 efforts to solve the issues had cost the company an additional £3m.

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