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€70K investmet in Friends First FA Global Investment Fund, what guarantee?

  • 17-11-2010 8:12am
    #1
    ancuisle
    Registered Users, Registered Users 2 Posts: 21 ✭


    Hi Guys,

    I have a policy with Friends First FA Global Investment Fund which matures on 5 Dec 2010. Current value is aprox. €55K if I withdraw funds now. The early withdrawal penalty is aprox. €1K so if I hold off until after 5 Dec I don't pay the penalty. I am a bit worried, hence this post. I have some questions:

    Is this policy covered by a guarantee? if so who?
    I'm really thinking of bailing now, what's your advice?

    Thanks!


Comments

  • #2
    micar
    Registered Users, Registered Users 2 Posts: 1,915 ✭✭✭micar


    Hi
    You really need to look at the policy schedule and policy conditions.
    The name does not suggest a guarantee and would not think that one applies. Also the term, this would be stated in the policy schedule. If no term specified then it may be a whole of life policy i.e. does not have a specific end date.
    The penalty is a early surrender penalty that would decrease each after each anniversary. I would suspect that you have passed an anniversary and that an early surrender penalty no longer applies.
    You really need to go back to First Active, now Ulster Bank, seek their financial advise.
    Also depends what fund you are invested in. There maybe a selection of other funds available that you could go into. Again, go to Ulster Bank and seek their advise. At the end of the day, they received commission by selling this and should help you at all times during the investment term.
    Hope this helps someway.
    This is not the sort of place to seek advise. You need appropriate financial advise.
    m


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