I would be much more concerned about if the money is there. What independent evidence has he from the fm?
The Central Bank's Consumer Protection Code http://www.centralbank.ie/regulation/processes/consumer-protection-code/Documents/Consumer%20Protection%20Code%202012.pdf provides that a regulated entity must annually provide a statement that includes inter alia the sum invested; the number of units held; all charges and deductions and a statement of the value of the investment. Your friend should read the code (basically section 6) ; see what information he should receive and write to his broker asking why it has not been provided. Note information must be provided in the manner specified by the Central Bank. It wouldn't hurt to write directly to the investment company asking why he has not received annual statements. He does have the original documentation, reference no's etc.?In summary I was hoping to get some guidance on the following:
Any help would be very much appreciated as my fried is now 62 and the next few years are really important to his retirement planning,
- Does the investment company eg. Hibernian / Zurich or whoever not have an obligation to provide formal statements once a year (or more frequently)?
- Apart from mentioning a 1% fund mgt charge, is there a mechanism for finding out what commissions (if any) are being paid to the broker?
- If my friend decides to moves there investment - would there be exit charges (from the fund manager and the broker)?
- Are there are specific questions he should be asking of the broker or fund manager to help get more transparency on the range of investments?
Roy
b) if the broker is not regulated then presumably none of the above apply to him?
I'm pretty certain he hasn't received at least some of the above but at the back of my mind the niggling (and I hope over pessimistic) questions are: a) how would he know if his broker is regulated? and b) if the broker is not regulated then presumably none of the above apply to him?
Roy
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