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Friends Provident holds notice period in place on property funds

Friends Provident is to continue with the notice period on property fund redemptions despite clearing the queue of those waiting to leave.

The group say that due to volatile markets the six-month period is to remain in place should the group be unable to process transactions upon receipt.

The group sold a number of properties to raise cash levels in the fund.

Friends imposed the six-month notice on December 20, 2007, it applied to anyone requesting surrenders, partial surrenders, new regular withdrawals, and switches and transfers out of funds.

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