Post by 2boi on Jun 29, 2016 14:57:46 GMT
Had this from Wellesley about my Wellesley ISA P2P bond:
Dear Mr ,
We are writing to inform you that European Pensions Management Limited (EPML), the ISA plan manager for your investment in the Wellesley Listed Bond (previously the Wellesley P2P ISA Bond), has gone into special administration and is being managed by Smith & Williamson LLP, insolvency practitioners.
You will shortly receive an official letter from Smith & Williamson setting out the implications of this development for all customers of EPML. However, we wanted to write separately to customers holding our bonds to reassure them and to let them know what to do should they require more information.
The Wellesley Listed Bond uses the services of EPML purely as an ISA plan manager and, therefore, the assets within your bonds are not directly held by EPML. Smith & Williamson is endeavouring to sell EPML as a going concern and, having received several expressions of interest, is hoping to proceed quickly and to achieve a seamless transfer of the company’s activities. Currently, EPML is operating very much on a ‘business as usual’ basis in terms of existing client relationships, although they will not be taking on any new customers.
You should therefore see no impact on your underlying investment as a holder of the Wellesley Listed Bond. The investments you have made will continue to be held in the manner directed by you, a process designed to protect such assets in this type of eventuality.
In summary, therefore, we would like to reassure you that:
• it is business as usual at EPML
• all EPML client money and assets are fully protected
• as far as the special administrators are aware, EPML does not have a deficit on any client money or assets
• this process will have little if any impact on you as a holder of the Wellesley Listed Bond or P2P ISA Bond
• your ISA status remains intact.
Should you have any queries, please call EPML directly on 01722 717060.
Yours sincerely
Aldwyn Boscawen
Marketing Manager
I have checked with my other ISA provider Jarvis and they won't hold or accept these bonds. The bonds are listed on the Irish SE:
WELLESLEY P2P ISA BOND 5 YEAR (ISSUE 1) 5.25% MARCH 2020
ISIN XS1196279662
Sedol: BWFQWQ6
The original deal was that EPML would hold these without charge. Hopefully EPML will be sold and Wellesley will uphold the 'fee free' promise but it seems Jarvis at least won't take them. Anyone else have this problem and a solution?
Dear Mr ,
We are writing to inform you that European Pensions Management Limited (EPML), the ISA plan manager for your investment in the Wellesley Listed Bond (previously the Wellesley P2P ISA Bond), has gone into special administration and is being managed by Smith & Williamson LLP, insolvency practitioners.
You will shortly receive an official letter from Smith & Williamson setting out the implications of this development for all customers of EPML. However, we wanted to write separately to customers holding our bonds to reassure them and to let them know what to do should they require more information.
The Wellesley Listed Bond uses the services of EPML purely as an ISA plan manager and, therefore, the assets within your bonds are not directly held by EPML. Smith & Williamson is endeavouring to sell EPML as a going concern and, having received several expressions of interest, is hoping to proceed quickly and to achieve a seamless transfer of the company’s activities. Currently, EPML is operating very much on a ‘business as usual’ basis in terms of existing client relationships, although they will not be taking on any new customers.
You should therefore see no impact on your underlying investment as a holder of the Wellesley Listed Bond. The investments you have made will continue to be held in the manner directed by you, a process designed to protect such assets in this type of eventuality.
In summary, therefore, we would like to reassure you that:
• it is business as usual at EPML
• all EPML client money and assets are fully protected
• as far as the special administrators are aware, EPML does not have a deficit on any client money or assets
• this process will have little if any impact on you as a holder of the Wellesley Listed Bond or P2P ISA Bond
• your ISA status remains intact.
Should you have any queries, please call EPML directly on 01722 717060.
Yours sincerely
Aldwyn Boscawen
Marketing Manager
I have checked with my other ISA provider Jarvis and they won't hold or accept these bonds. The bonds are listed on the Irish SE:
WELLESLEY P2P ISA BOND 5 YEAR (ISSUE 1) 5.25% MARCH 2020
ISIN XS1196279662
Sedol: BWFQWQ6
The original deal was that EPML would hold these without charge. Hopefully EPML will be sold and Wellesley will uphold the 'fee free' promise but it seems Jarvis at least won't take them. Anyone else have this problem and a solution?