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City Financial Absolute Equity Fund Suspension
contactanant
Posts: 8 Forumite
I placed an order with my investment platform to sell my holdings of City Financial Absolute Equity Fund on 2nd March (Saturday). I was expecting this order will get executed by 4th March 2019 however investment platform placed order on 5th March and later they posted in transaction history that fund sell order has been cancelled.
City financials cancelled my order received on 5th march and published a notice on 6th March 2019 that fund sell off has been indefinitely suspended, which blocks my money.
Fund has lost an awful lot after 4th March 2019. I am very disappointed and helpless by the act of City Financials.
I am hoping to find people who might have faced similar issue here.
City financials cancelled my order received on 5th march and published a notice on 6th March 2019 that fund sell off has been indefinitely suspended, which blocks my money.
Fund has lost an awful lot after 4th March 2019. I am very disappointed and helpless by the act of City Financials.
I am hoping to find people who might have faced similar issue here.
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Comments
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City Financial Investment Company Limited (“City Financial”) went into Administration on 21 March 2019.
See: https://www.cityfinancial.co.uk/This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
They are transferring to some other provider. The main issue is the suspension of the fund dealing. my money is blocked and nothing can be done. They officially suspended fund on 6th March but they cancelled my sell order on 5th March 2019. this is outrageous.
Fund value is constantly falling.0 -
They officially suspended fund on 6th March but they cancelled my sell order on 5th March 2019. this is outrageous.
UT/OEIC funds are not live trading. The dealing point is the next available date. So, unless it the early hours, you would have had the 6th as the next dealing point. That dealing point was suspended.Fund value is constantly falling.
Its an extremely high-risk fund with a niche fund house. Considering that, hopefully, you don't have too much in it.Fund has lost an awful lot after 4th March 2019.
The drops in March have been relatively small compared to the drop since April 2018. It is a fund that has always been highly volatile.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
More info from FCA here
https://www.fca.org.uk/news/news-stories/city-financial-investment-company-limited-enters-administrationRemember the saying: if it looks too good to be true it almost certainly is.0 -
Just been hit by another big dip on this.
I was holding on for some recovery but what are people's thoughts is time to cut losses before it gets worse?
It's eating up the returns on my pension pot.0
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