Cofunds and Aviva have seen the amount of complaints referred to the Financial Ombudsman Service (FOS) rocket in the second half of 2018 as they struggled to get to grips with their respective re-platforming issues.
Cofunds was bought by Aegon in 2016 for £140m and re-platformed to new technology in May of last year to become ‘The Aegon Platform'. But, as service levels dropped as a result of its technology switch, the platform saw 169 new investment-related complaints sent to the Financial Ombudsman Service by customers in the last six months of 2018. Only banking giant Barclays received more investment-related complaints between July and December last year. To put these figures into context, Cofunds did not receive the 30 complaints necessary to be included in the Ombudsman's complaint tables i...
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