During the period 2002 to 2006 the Group sold a series of speculative investments in UK commercial properties, known as the Belfry funds, which subsequently incurred losses for individual investors during the Global Financial Crisis.
Last year we announced a review of all Belfry investments, on a case by case basis, to determine if a refund may be due to some investors. The review has concluded and we have written to investors to communicate the outcome. We communicated with all investors by the end of 2022 with the exception of a small cohort of less than 1%.
All investors have the right to appeal and have been offered a payment towards the cost of obtaining independent professional advice. The Independent Appeal process has been extended and will remain open to all investors until 30 November 2023 giving all investors additional time to appeal their outcome.
For further information please see Link to Q&A Document.