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Cofunds' botched accounts transfer leaves hundreds of investors locked out
Some Cofunds clients report they are unable to access their investment accounts online after a mass IT transfer earlier this month went wrong.
During the May bank holiday, Cofunds, one of the largest investment platforms in the country, merged with insurance giant Aegon, transferring hundreds of accounts to the new system in the process.
Aegon bought Cofunds in 2016 for £140m, planning the integration of the two platforms ever since.
Finally, during the bank holiday weekend Aegon added 400,000 users and £37bn of assets to its platform.
According to The Telegraph, clients were promised a large number of service enhancements and a wider investment range.
But Aegon admitted that around 400 people are now reporting that they cannot access the platform.
A spokesman for the Dutch insurance outfit said the company was helping the affected clients to help them log into their accounts and claimed the platform would be running smoothly in the next few days.
Aegon is the latest in a list of companies that are suffering IT meltdowns including TSB's bank, Barclays and Aviva.