Hibernian Euro Residential fund--sudden 6m delay on encash

[8till8]

I've gave notice to Hibernian that I wanted to encash my investment in Hibernian European Residential Property fund and was told by my broker that 6m notice was required. This new rule came into effect 29-Sept. However only on 17-Oct did I get a letter advising of this new rule. Isn't this unfair that a fundamental change is made to an investment before reasonable notification is given to policyholders....I'm tempted to complain to Fin Obudsman.....

 

[GSheehy]

I think the way the company look at it is that, if they notified policyholders in advance that they were going to mark down the value of the assets held or put a deferral period on surrenders, there would be such a rush to get out that, those that wished to remain invested would be adversely affected.