Update on the suspension of FPIL Strategic Growth Mirror Funds

26 Oct 2021

We last wrote to affected policyholders in July 2020 regarding the ongoing liquidation of the underlying funds into which the four above named Friends Provident International Limited (“FPIL”) funds invest. We have now written to affected policyholders again with a final update.

In August 2019, we advised that the Final Report issued by appointed Joint Administrators, Grant Thornton, stated that the underlying funds of S257 FPIL Strategic Growth Fund (GBP) and S258 FPIL Strategic Growth Fund (USD) hold no value. Therefore, as no value will ever be realised from the underlying funds, we will be formally closing S257 FPIL Strategic Growth Fund (GBP) and S258 FPIL Strategic Growth Fund (USD) with no value and they will be removed from impacted policies around the 30 November 2021 (the “Anticipated Closure Date”).

In regard to the two remaining Strategic Growth Liquidity Funds, we have received a liquidation payment. The payment will be applied to the FPIL funds with a unit price of 0.940 for S133 FPIL Strategic Growth Liquidity Fund (GBP) and a price of 0.930 for S134 FPIL Strategic Growth Liquidity Fund (USD). As this will be the final payment received for the funds, once the value has been applied it is our intention to also formally close S133 FPIL Strategic Growth Liquidity Fund (GBP) and S134 FPIL Strategic Growth Liquidity Fund (USD) (together “the Closing Funds”) on the Anticipated Closure Date. 

When we close a FPIL fund, 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. The above prices will be used to calculate the switch proceeds from S133 FPIL Strategic Growth Liquidity Fund (GBP) and S134 FPIL Strategic Growth Liquidity Fund (USD) into the Default Fund. 

These changes will happen automatically within your policy or contract and you do not need to take any action

Details of the Closing Funds and the Default Funds are set out in the tables below:

Whilst appropriate due diligence has been carried out on the Default Fund we do not accept any liability for the future performance of this, or any other FPIL fund.

Where applicable any future regular premium or contributions into the Closing Funds will also be redirected into the relevant Default Fund from the Anticipated Closure Date.

Should you have any questions regarding these changes, please contact the Investment Marketing Team.