Aegon has been ordered to pay compensation to a client after its re-platforming move led to the customer being shut out of the platform for two weeks and unable to trade for even longer.
The platform's customer - designated 'Mr B' by the Financial Ombudsman Service (FOS) - started experiencing difficulties with his online account in May 2018, when Aegon moved 400,000 clients and £37bn of assets from Cofunds onto to its own GBST-powered platform in one weekend. Mr B said he could not see the value of his self-invested personal pension (SIPP) online for around 14 days. Problems continued past those first two weeks of the valuation blackout and the client said he was not able to switch funds or sell investments online, which led to him phoning and emailing Aegon to try and ...
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