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UK financial services complaints body "troubled" by funds suspensions

Wednesday, July 6, 2016 - 23:14

[LONDON] Britain's financial services complaints body said on Wednesday the suspension of three property funds this week was "quite troubling" and consumers were already getting in touch with it.

The three UK funds faced a wave of investors asking for their money back as uncertainty in Britain's commercial property market deepened following Britain's referendum last month in favour of leaving the European Union.

"It is certainly too early for formal complaints about this issue, however, we have begun to see initial enquiries come through from concerned consumers," a spokeswoman for the Financial Ombudsman Service said.

"This is something that is very much on our radar. Although the decision to suspend redemptions was expected, the extent of the suspensions by the three funds so far is quite troubling."

REUTERS

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