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What does "no fixed term" mean?

spadder · 2008-09-19 15:22:09

I entered a fund through a broker, part of the broker’s documentation to enter the fund stated that it is a “open ended investment with no fixed term” I took this to mean that I could exit the fund at any time which is what I wanted. I now learn that there is a six month delay in getting out. If there is a six month delay…

19-09-2008 3:22pm

#1

spadder

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I entered a fund through a broker, part of the broker’s documentation to enter the fund stated that it is a
“open ended investment with no fixed term” I took this to mean that I could exit the fund at any time which is what I wanted.
I now learn that there is a six month delay in getting out. If there is a six month delay in exiting should the documentation have stated that there is possible minimum term of six months?

thks

Sorry, I should have put this in the investments threads.

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Comments

#2 19-09-2008 3:58pm

[Deleted User]
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spadder wrote: »

“open ended investment with no fixed term”

This refers to the term/duration of the investment. Some investment bonds are for a specified period and have a 'maturity' date, in say, 5 or 6 years from the date of investment.

This previous thread may explain the six month deferral http://www.boards.ie/vbulletin/showthread.php?t=2055376196

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#3 19-09-2008 4:13pm

spadder

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Thanks Gerard,
Yep, a very simailar situation, I was told I could withdraw at any time etc.

The broker is being very underhand now, saying we told you so you, read the small print etc. It was on his recommendation we entered the fund.

I think I will have to get the ombudsman involved.

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#4 19-09-2008 9:20pm

BuffyBot

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Moved to Investments & Markets - probably more appropriate there

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