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Aegon spends extra £3m on fixing Cofunds problems

Aegon has spent an additional £3 million on fixing problems with its Cofunds platform technology upgrade, and UK chief executive Adrian Grace said sorry to advisers for the issues.

Aegon spends extra £3m on fixing Cofunds problems

Aegon has spent an additional £3 million on fixing problems with its Cofunds platform technology upgrade.  

UK chief executive Adrian Grace (pictured) apologised for the customer service problems that have enraged advisers since Aegon moved 400,000 retail clients to new technology in May this year. 

Problems have included long waits to speak to someone at a call centre, delays to quarterly reports and problems logging in. 

'The upgrade of the Cofunds retail book has resulted in service and operational issues for advisers and their customers, for which I am sorry,' he said. 'This is not what we planned to deliver and advisers and brokers have our commitment that we are fully focused on resolving the problems and providing the resource to ensure this is done as soon as possible.'

Half-year results published by the Dutch company today revealed an extra £3 million was spent on fixing the problems in June. 'Aegon expects to incur additional integration expenses in other charges until the Cofunds integration has been completed,' it added. 

In July the company moved 200 staff from other areas in the company to cover the platform business. 

Despite the ongoing platform issues, Aegon recorded a strong first six months of the year in the UK. Underlying earnings were £57 million, with both the platform and older books of business recording a profit. 

Platform assets hit a 'record high' of £120 billion as net inflows reached £2.6 billion and a further £1.5 billion was added in the form of 'upgrades' to existing Aegon clients. 

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