Aegon has been forced to delay sending advisers their quarterly statements after its platform technology problems have persisted.
Following its acquisition of Cofunds in 2016, Aegon moved 400,000 Cofunds accounts to a new Aegon platform run on GBST in May. However, since then, a number of issues have arisen for IFAs using the platform, including being locked out initially.
Now it has emerged Aegon has had to delay sending out its client statements, which it is required to send out four times a year.
A message to IFAs, seen by New Model Adviser®, said: ‘On 8 May 2018 we completed the upgrade of the Cofunds platform. Despite your clients’ data being migrated successfully, we acknowledge our current service levels aren’t where we want them to be.
‘While we work to restore service levels, we’ve decided to send the statements later in the summer. Your clients should have received their consolidated tax voucher for the 2017/18 tax year in April 2018.’
A spokesman for Aegon said a delay to the quarterly statements will help it improve the platform’s service levels.
‘Having taken feedback from some of our adviser clients, we’ve agreed to send the next quarterly statement to customers later in the summer rather than last month.
‘This enables us to focus on restoring service levels. In the meantime, if a valuation is required it can of course be obtained from the website or our contact centre. We’ve increased our staffing levels, stepped up training and increased the number of phone lines into operations. Good progress is being made in clearing backlogs and improving processing times.’