New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Aegon begins compensation payouts after ‘challenging’ IFA meeting

Aegon has announced it has started paying customer compensation at a ‘challenging’ meeting with advisers.

Aegon begins compensation payouts after ‘challenging’ IFA meeting

Aegon has announced it has started paying customer compensation at a ‘challenging’ meeting with advisers.

The platform has been beset by issues following the migration of Cofunds users to a new Aegon platform in May. These issues forced it to deploy 200 staff from other areas of the business in May and it spent £3 million on fixing issues in June.

Last week Aegon met with its advisory board, a group of IFAs set up for the platform migration, and described the meeting as ‘constructive but challenging in view of the circumstances’.

In a press statement, Aegon said it has now begun a compensation scheme for customers who were hit by trading delays earlier this year, so that ‘none are worse off and that that they are compensated for the delays to their trading instructions’. 

The platform also said while ‘good progress’ has been made on improving service standards, ‘there is still work to be done’.

‘The current focus is on working through complaints and providing quicker responses to email requests for information,’ the company statement said.

‘The business reiterated that more than 200 additional people have been directed toward improving service levels and that the project has both a clear plan and the required resource to make this happen.’

Aegon also announced certain improvements that have been made to the platform, including new online ISA switches.

Ronnie Taylor, chief distribution officer at Aegon, said: ‘While the meeting was challenging, it was also extremely constructive and has confirmed the clear path we need to follow over the next few months.  

‘There is still much for us to do, particularly around operational improvements and proposition enhancements, to get back to delivering the service our advisers and their clients deserve. We are completely focused on achieving this.’

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
7459.88 -11 0.15% 04:35
More Content
More Content

ADVICE

3 Comments Breakfast Club: From offshore oil worker to running an advice firm

Breakfast Club: From offshore oil worker to running an advice firm

Jennifer Ellis runs Wellington Wealth alongside sister Nicola Ellis, emphasising the importance of family and client service

twitter_banner

INVESTMENT