Stewardship ShockersThursday, 11 Oct 2012 by phil | 0 Comments
Guardians readers will have been shocked to read about the unfortunate and, in our view, unacceptable changes to the ethical criteria on the Stewardship funds from F&C and Friends Life (was Friends Provident). http://www.guardian.co.uk/money/2012/oct/08/ethical-investors-want-money-fur-oil
The article is mainly based on work instigated by us at Ethical Investors over the last 3 years, which we have shared with other ethical financial advice firms. We have spent hundreds of Hours in meetings, correspondence and telephone calls with the company but to no avail so earlier this year brought the issue to the attention of other advisers firms and tried to enlist their help to reverse these criteria changes.
Having reached a most regrettable impasse with the company, we have now reached the point where we have to write to all of our existing clients to explain what has happened and to consider alternative options. The scale of the project is enormous; we have thousands of F&C and Friends Life policies to sift through but we are getting there. Our clients holding investments in the Stewardship funds should expect to receive a letter or email from us shortly – look out for this and get back to us as quickly as possible with your views.
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