Important fund closure notification affecting Hong Kong policyholders
23 Nov 2021
AFFECTS HONG KONG POLICYHOLDERS ONLY
We have taken the decision to restrict the fund choices available to Hong Kong policyholders to those funds that are authorised by the Hong Kong Securities & Futures Commission (“SFC”). Therefore, where policyholders are invested in the non-SFC authorised funds detailed in Appendix 1 (the “Affected Funds”), we will be switching them automatically to an alternative available fund. We have today written to all affected Hong Kong policyholders and/or their appointed advisers, to let them know the changes that are taking place.
The Affected Funds detailed in Appendix 1 will be closing to Hong Kong investment with immediate effect. No new single or regular contributions will be permitted into the Affected Funds, whether from new or existing Hong Kong investors. Until the Closure Dates, only continuing regular contributions will be permitted into the Closing Funds. These ongoing contributions into the Closing Funds may not be increased from their current level.
When an FPIL fund is closed we select another fund from our internal fund range (the “Default Fund”) to act as an alternative investment for the resulting proceeds being switched out of the Closing Fund and for any future contributions that may be directed into the Closing Fund.
These changes will happen automatically within the policy or contract and policyholders do not need to take any action if they agree with the choice of Default Fund that we have selected.
Policyholders can choose to switch their current holdings in the Affected Fund(s), and/or redirect premiums or contributions, into a different fund in the FPIL Hong Kong fund range should they wish. This can be done at any time, however in order to override the transfer or redirection to the Default Fund that we have selected, alternative instructions must be provided by 3pm UK time two days before the appointed Closure Date.
Further details on the investment choices available within our Hong Kong fund range can be found via the link opposite.
- No FPIL charges will arise from these transactions.
- Where applicable, any future regular premium or contributions into the Closing Funds will also be redirected into the Default Funds from the appointed Closure Date.
Please refer to to Appendix 1 opposite for details of the Affected Funds, the Default Fund selected, the Closure Date, and the Deadline for alternative instructions.
Whilst appropriate due diligence has been carried out on the Default Funds we do not accept any liability for the future performance of these, or any other FPIL funds.
We recommend that you seek the advice of your usual investment adviser before making any investment decisions.
Should you have any questions regarding any questions regarding your policy or contract with us please contact the department that corresponds with your region:
General telephone number: + 44 1624 821212
Email: Customer Services
If you have any questions regarding the operation of the FPIL Fund range, please contact our Fund Services team in the Isle of Man