RETRACTION - Fund closure mailing affecting Hong Kong policyholders

MAY 2022

PLEASE NOTE THAT THE MIRROR FUND CLOSURES NOTIFIED IN APRIL 2022  (AS PER THE DETAILS AT THE BOTTOM OF THIS NOTIFICATION) ARE NO LONGER PROCEEDING. 

 

IF YOU ARE AN IMPACTED POLICYHOLDER OR ADVISER WHO HAS BEEN DIRECTED TO THIS LINK FROM THE APRIL NOTIFICATION LETTER, PLEASE NOTE THAT YOU NO LONGER NEED TO TAKE ANY ACTION. WE HAVE ISSUED A RETRACTION LETTER DATED MAY 2022 INFORMING YOU THAT THE FUND CLOSURES ARE NO LONGER PROCEEDING. BELOW IS A SUMMARY OF OUR DECISION. A SAMPLE OF THE POLICYHOLDER RETRACTION LETTER CAN BE VIEWED BELOW.

 

Retraction of letter issued in April 2022 entitled; Closure of various FPIL Funds (together “the Closing Funds”) to Hong Kong residents and Hong Kong policies (together “Hong Kong investors”)

May 2022

In April 2022 (as detailed below), we provided a notification advising that we were closing various Friends Provident International (“FPIL”) mirror funds held by Hong Kong specific policies/contracts or Hong Kong resident policyholders (together “Hong Kong investors”) that were not part of our Hong Kong specific fund range. This range only contains funds that are authorised by the Hong Kong Securities and Futures Commission (“SFC”). Policyholders identified as Hong Kong investors, and therefore impacted by the closures, were informed we would be switching their holdings into alternative funds within the Hong Kong specific fund range.

After we issued this notification, additional analysis regarding the re-classification of policies/contracts and policyholders as Hong Kong investors was carried out and a strategic decision was made to cancel the programme of mirror fund switches previously advised in the April 2022 notification, as it is believed that the closure of the Closing Funds to Hong Kong investors is no longer required at this stage.

These policyholders can continue to hold the funds identified as the Closing Funds, and it will not be necessary to switch their holdings into alternative funds within our Hong Kong specific fund range, at this current time. The fund switch actions detailed in our April 2022 notification will therefore not occur, and holdings will remain as currently invested.

We apologise for any inconvenience caused, but hope that policyholders will be pleased that they can continue to retain their selected funds. 

A copy of the retraction letter issued in May 2022 can be viewed here - Sample Policyholder Retraction letter

 

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THE ACTION BELOW IS NO LONGER PROCEEDING

This page is for policyholders who are Hong Kong resident or have a FPIL Hong Kong specific product who have been sent a letter dated April 2022 regarding switches out of non-SFC* approved investment-linked funds impacting their policy or contract. 

*The SFC is the Securities and Futures Commission in Hong Kong.

In our letter we detailed which default receiving fund has been chosen to automatically switch policyholders into upon the closure of each non-SFC approved investment-linked fund to Hong Kong policyholders. Policyholders can, however, choose to switch into any alternative fund available in the Hong Kong SFC approved investment-linked fund range, free of any switch charge, should they prefer.  Policyholders should refer to Appendix 1 in the letter which provides details of the closing fund, the default receiving fund and the date we must receive switch instructions by for each fund if they want to provide alternative instructions.  A sample of the policyholder letter is below for reference.

Sample Policyholder letter

The Investment-Linked Funds leaflet, provided below, details the available investment choices that policyholders can select from. 

Investment-Linked Funds leaflet

Switches can be requested at any time, however, should policyholders not wish to have their holding in the closing fund automatically switched (and their ongoing contributions in the closing fund redirected) into the default receiving fund, we must receive switch instructions ahead of the closure date.  A link to a switch form is provided below which should be completed and returned ahead of the switch deadline.

Switch/redirection form