Cofunds compensates customer after re-platforming ombudsman complaint

£275 in compensation

clock • 3 min read

Cofunds has paid compensation to a customer after they had trouble viewing one of their ISAs online in the aftermath of the firm's re-platforming migration.

In June 2018, an advised client, whom the Financial Ombudsman Service (FOS) dubbed 'Mr T', attempted to activate his two ISA accounts on Cofunds' new website. However, he was only able to access one. Mr T contacted Cofunds on 12 June and claimed he made six calls but was unable to resolve things. He said he was put in queues, that Cofunds hung up on him, and that he was promised emails that never arrived. A week later, Mr T's financial adviser contacted Cofunds to ask that the accounts be held together but not merged, so Mr T could view both ISA accounts under one log in. In August, C...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Experienced adviser launches financial education website

Experienced adviser launches financial education website

Subscription-based model designed for individuals and businesses

Jenna Brown
clock 25 February 2025 • 2 min read
Investors caution Reeves' ISA reforms 'would need to strike a careful balance' to solve UK investment crisis

Investors caution Reeves' ISA reforms 'would need to strike a careful balance' to solve UK investment crisis

‘A significant shift’ but not unprecedented

Sorin Dojan
clock 21 February 2025 • 2 min read
Advisers urged to encourage philanthropy as UK's wealthiest donate £8bn

Advisers urged to encourage philanthropy as UK's wealthiest donate £8bn

CAF report highlights untapped philanthropic potential among high-net-worth clients

Sahar Nazir
clock 21 February 2025 • 2 min read