Phoenix Life is deliberately withholding accurate performance data on the £37bn of with-profits bonds it manages in order to keep investors from exiting the "dreadful" investments in droves, according to a damning report by an IFA.
The closed life fund consolidator - which it is alleged makes around £300m from management fees on the funds - strongly denied it withholds information from investors. Penguin Wealth researched Phoenix's 13 closed with-profits funds, the vast majority of that market, as part of the Cardiff IFA's launch of a service to help investors stuck in underperforming with-profits funds, reviewyourwithprofits.co.uk. The website is one of several it has set up under the umbrella brand of Get Financial Advice, a nationwide initiative it is rolling out. In its findings, based on three months of ...
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