Friends Provident says it is retaining the six month notice period for redemptions on its property fund but it is currently able to process requests without delay.
The notice period on the funds was introduced on 20 December 2007 as liquidity in the sector dried up and meant the provider could delay certain transactions out of the funds for up to six months. This applied to anyone requesting surrenders, partial surrenders, new regular withdrawals (or changes to existing regular withdrawals) and switches or transfers out of the funds. The measure was introduced to be fair to all customers in the property funds, and to allow the fund manager time to raise adequate levels of cash within the fund. Any redemption requests joined a queue awaiting proces...
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