Advisers and investors have responded angrily to Standard Life's decision to cut prices on five of its property funds.
Several IFAs and their clients have contacted IFAonline to complain about Standard Life’s decision to cut 6.7% off its commercial property funds, which has resulted in many investors losing thousands of pounds from their pensions. Mike Hurst, managing director of Hurst Financial Consultancy, says he has been inundated with complaints from over 200 clients who had invested in the fund. He accuses Standard Life of failing to treat its customers fairly (TCF). He says the fund has a cash flow problem because it has been closed to new business for some time, despite many IFAs requesting the f...
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