Provider charging a fee to withdraw money from ISA NOT in terms and conditions when I opened the acc
"We understand that the spread of novel coronavirus (COVID-19) has caused widespread uncertainty, and we’re in no doubt that, recently, you will have been thinking about your personal finances more than usual. As a mutual, we’re here to help; so, we’ve put together a useful article that provides details of how we’re managing investments throughout this period. You can read this by clicking here.
Due to the volatility and continuing uncertainty in the financial markets caused by COVID-19, we are currently taking action to protect all of our members. We are therefore applying a Market Value Reduction (MVR) to all part-withdrawals, closures and transfers from our ISA until further notice. This is not a decision that has been taken lightly but, given the unprecedented situation we all find ourselves in, this is necessary to ensure fairness for all of our members. You can find our more about MVRs by clicking here.
An MVR aims to ensure that plan holders who have money in our fund are not disadvantaged, therefore allowing all members to receive a fair share of the fund. We’ll always let you know if we are applying an MVR when you ask to withdraw from or close your account and, any money that remains invested in your plan will not be subject to an MVR. The link above explains more about MVRs and why we apply them in certain situations, and you can also find information in your plan’s terms and conditions. Please note, the MVR value is subject to change in the future.
Investing should be viewed as a medium to long-term commitment, as this helps your fund to recover from any periods where market conditions are less favourable. As your money is invested in our With-Profits Fund, the value of your investment won’t change daily during periods of market volatility, and this helps to protect the money you have invested with us.
Your withdrawal quote:
Market value reduction
Balance you’ll receive after MVR has been applied
Debt May 1st 2021 £52,403.56- 45.98% paid off