We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
SJP WILL NOT CLOSE INVESTMENT ACCOUNT PROPERTY FUND AMOUNTS WITHHELD
Comments
-
wmb194 said:
Thems the breaks when you invest in illiquid assets via an open ended fund. If you'd invested in the same via a closed ended fund e.g., an investment trust listed on the stockmarket you could have sold the shares and the underlying property wouldn't have needed to be sold. The same thing happened with a few open ended property funds during the financial crisis so the risks were known.Diana_Mackintosh said:SJP property fund suspension is now INDEFINITE. Cannot get any timescale from them when I can get my money except 2 years- disgraceful way to treat their clients.
That's a bit harsh, as SJP advised that the OP should invest in the fund. The risks should have been known to SJP.
1 -
I agree but that's why you pay SJP the big bucks.coyrls said:wmb194 said:
Thems the breaks when you invest in illiquid assets via an open ended fund. If you'd invested in the same via a closed ended fund e.g., an investment trust listed on the stockmarket you could have sold the shares and the underlying property wouldn't have needed to be sold. The same thing happened with a few open ended property funds during the financial crisis so the risks were known.Diana_Mackintosh said:SJP property fund suspension is now INDEFINITE. Cannot get any timescale from them when I can get my money except 2 years- disgraceful way to treat their clients.
That's a bit harsh, as SJP advised that the OP should invest in the fund. The risks should have been known to SJP.I think this is the fund and the risk is posted front and centre in the KIID:
https://www.sjp.co.uk/sites/sjp-corp/files/SJP/fund-prices/unit-trust-group-funds/kiids/ST.JAMES%27S_PLACE_PROPERTY_UNIT_TRUST_CLASS_L_KIID_OCT2022.pdf0 -
What do you expect them to do though? The fund is invested in commercial property which needs to be sold in order to return your money. Selling commercial property takes time, especially if you want to recover as much of your money as possible.Diana_Mackintosh said:SJP property fund suspension is now INDEFINITE. Cannot get any timescale from them when I can get my money except 2 years- disgraceful way to treat their clients.
0 -
Well I will never trust a so called IFA again.0
-
That is a bizzare decision based on you using SJP. You do realise that SJP are not IFAs?Diana_Mackintosh said:Well I will never trust a so called IFA again.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.6
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards
