Aegon’s £3m spend to try and resolve Cofunds woe

Pensions and investment group Aegon spent £3 million in June trying to resolve customer service issues after moving 400,000 clients from the Cofunds business it bought onto its own platform.

Adrian Grace, chief executive of Aegon’s Edinburgh-based UK business, yesterday said there had been “service and operational issues for advisers and their customers, for which I am sorry”.

“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,” he added.

The news came as the Dutch-owned business reported strong financial results for the first half of the year with UK platform assets hitting a record £120 billion.