Aegon completes first Cofunds client integration
79,000 non-advised customers moved
Aegon has revealed its first phase of integrating Cofunds with its Aegon Retirement Choices (ARC) platform was completed successfully over the Christmas holidays.
It said 79,000 customers, predominantly from building societies, have been moved from the old Cofunds platform to the new, combined Cofunds and Aegon platform Investor Portfolio Service.
Aegon said the new platform"provides a slicker and more modern service for customers with less paper and better online access enabled for mobile and tablet devices".
Now its first phase is complete it plans to"soft launch" the new retail platform with a small number of Cofunds firms for new business only in January.
It will then move more customers to the new platform later on in the year in May in order to avoid making changes in the end of tax year rush and to let Markets in Financial Instruments Directive II changes"bed into adviser businesses".
"We've completed the first big milestone as we seek to combine the best of the Aegon and Cofunds services," said chief distribution and marketing officer Mark Till.
"The successful upgrade of 79,000 IPS customers to a more modern service based on Aegon's platform technology gives us a great deal of confidence in our approach. In May we plan to upgrade the intermediated part of the Cofunds' book and the project is very much on budget and on track."
It confirmed in October it would eventually drop the Cofunds brand.