Aegon Service Level Issues – Update

As you will Aegon logoprobably by now be aware, the purchase of the Cofunds platform by Aegon has recently completed; as such, the Cofunds name and brand is no more. If you previously held investments on the Cofunds platform, these are now held on the Aegon platform.

We are fully aware that there have been some issues with the platform since this change, with service levels not being up to the high standards we expect. The Managing Director of Aegon, Mark Till, has provided the following update and apology:

 “You’ll be aware that last month we upgraded the technology that supported the Cofunds platform since it was launched in 2001. It was a large and complex project, but we completed it to ensure the service was capable of supporting you and your intermediary well into the future.

The upgrade has had no impact on your account records or your products and investments, but our service levels to you and your intermediary have fallen below the standards that we know you expect.

I would like to offer you a sincere apology if you’ve experienced a technical problem such as not being able to login to our website, are waiting for us to process your paperwork, have spent long periods on the telephone to us, or haven’t yet received a response to an email.

This isn’t the fault of your intermediary, but is our problem and one we’re determined to resolve.

I can therefore assure you that we’re fully focused on ensuring we improve service levels and deliver improvements. We’re substantially increasing the size of our administration team, adding new phone lines and stepping-up the training of our teams. In addition, if you’ve been affected by a processing delay we’ll ensure that you’re not financially disadvantaged if fund prices have risen.

Our plan will take effect over the coming weeks and we’re keeping your intermediary updated with progress. This isn’t the introduction to the Aegon Platform I had planned, but we’re determined to prove to you and your intermediary that you can have confidence in our service and that we’ll provide a more positive experience in the future.”

We would like to assure you that we are in constant dialogue with our Account Managers at Aegon to ensure that any issues you may be experiencing are resolved as quickly as possible. We will continue to monitor this situation as a priority and hope to see some improvement to Aegon’s service levels in the months ahead; we are advised this should be within the next 12 weeks.

If you do experience any further issues with Aegon over the coming weeks then please do not hesitate to let us know and we will aim to resolve these for you as soon as possible.

We remain 100% committed to ensuring you are not financially disadvantaged in any way so please do not hesitate to report to us any problems or concerns.

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