Friends Prov retains notice period on property funds

The notice period for transactions on Friends Provident's property funds will remain in place despite...

The notice period for transactions on Friends Provident’s property funds will remain in place despite cash levels increasing enough to clear the queue for withdrawals. On 20 December the group introduced a notice period of six months to delay new transactions, whether they were surrenders, withdrawals, switches or transfers, to protect customers in the property fund. Requests for these transactions joined a queuing process giving the fund managers time to raise adequate levels of cash. Friends Provident said a number of properties have been sold since and the queue has now been cleared,...