Aegon platform suffers from direct debit issues
Aegon is in the process of fixing direct debit issues on its platform, which saw payments made but no transactions made.
According to Aegon, he is currently working things out after advisers complained that pre-authorized debits were taken but not fully processed, so the funds do not show up in their accounts and that the transactions were not carried out.
Aegon said FTA Advisor that the money should show up in people’s accounts now and that the transactions would be completed early next week.
The problem concerns the samples taken on July 26.
A spokesperson for Aegon said: “We recently identified an issue for a small number of Aegon platform customers where their direct debit payments were collected on July 26.
“Although direct debit payments were collected as usual, transactions were not fully processed. This meant that subsequent transactions and payments were not applied.
“This has now been implemented so that advisors and their clients see this payment on their account. We plan to place the following trades early next week.
“We would like to apologize for any inconvenience caused and once we have completed the transactions, we will ensure that clients are not financially disadvantaged by the delay by correcting their account positions as soon as possible.”
Last month, Aegon said FTA Advisor that its platform migration issues were a thing of the past, as 100 consulting companies joined last year and existing companies returned to after-sales service levels.
Ronnie Taylor, director of distribution at Aegon, said a number of companies had left the platform due to the migration disruption, but the most common response from advisers was to scale back the measure in which they were using the Aegon platform compared to other vendors.
Now, he said, many of those companies were choosing to work more closely with Aegon again, and in addition, she added about “100 major new companies in the last year or so.”
Aegon currently has approximately 1,000 actively managed companies out of approximately 6,000 consulting firms that have assets on the platform.
Aegon purchased the Cofunds platform in August 2016, but its subsequent attempt to replate resulted in a wide range of issues, with customers not being able to access basic site functions for months.
By June 2018, efforts to resolve the issues had cost the company an additional £ 3million.
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