Question /Concern with Quinn life.

N

Nomansland

Registered User
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70
Hi,
Its just been anounced that the Government has taken complete ownership of Ango Irish. Are there any potential implications for the Quinn group as a whole and more specifically Quinn Direct? Did Sean Quinn not borrow money from here to cover his stake in Anglo? With these shares now worthless what are the potential impacts for the Quinn group?

I am extremly worried about this as both myself and my mother have substantial amounts of money invested in their freeway funds.

Nervously
Nomansland.
 
I too have freeway funds and made a substancial loss. I'm thinking of withdrawing from Quinn-Life and putting the money someplaces safer, then go back in when things improve (or become more stable). This has one small advantage of crystalising the loss for tax purposes which can be carried forward.
 
8till8 said:
I too have freeway funds and made a substancial loss. I'm thinking of withdrawing from Quinn-Life and putting the money someplaces safer, then go back in when things improve (or become more stable). This has one small advantage of crystalising the loss for tax purposes which can be carried forward.
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How does this 'crystallise' your loss for tax purposes? I'd have thought there was no CGT on fund type investments?
 
Your investment in the Freeway fund is done so on a Gross roll up basis, unlike shares you cannot crystilse losses in GRoss Roll Up Funds.
 
So are all Quinnlife funds safe if Mr Quinn is proven to be a bold boy? I have no confidence that they are regulated by the IFSRA.
 
My fear is that if Quinnlife does go bust that I would only get back the value of fund at that particular time. Currently my 20k is valued at just under 10k. I invested in the Freeway for the long term - however if that "long term" is cut short my investment never has a chance to recover and I am hit with a substantial loss.
 
Happy Girl: In my post above I referenced a post by SPC100 who provided his response from QL on the issues you have raised. If you still are not happy you should contact the Financial Regulator in this regard, and please post here whatever response you obtain.
 
Happy Girl said:
My fear is that if Quinnlife does go bust that I would only get back the value of fund at that particular time. Currently my 20k is valued at just under 10k. I invested in the Freeway for the long term - however if that "long term" is cut short my investment never has a chance to recover and I am hit with a substantial loss.
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Do you contribute monthly or was it a lump sum investment?
 
Happy Girl said:
Mine was a 20k lump sum investment 18th months ago.
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As it appears you are not buying units monthly it will take some time to recover 10K. If you are buying units then I would suggest you buy more now and then you will rebound faster when the markets recover.
 
Car Mad said:
As it appears you are not buying units monthly it will take some time to recover 10K. If you are buying units then I would suggest you buy more now and then you will rebound faster when the markets recover.
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My major concern was not how long it would take to recover my 10k as I believe in the long term (ie 10yrs+) it will come right. My concern was that should Quinn go to the wall that I would be forced to "cash in" my Freeway account and NEVER have the chance for it to "come right" thereby losing my 10k. However I received the following from Quinn Life on Friday which has somewhat eased my mind.


Can you please advise whether your Freeway Funds are held in a nominee account.>
Sincerely
_______________________________________________________

We can confirm that the underlying shares in our funds are held in nominee accounts with our stock broker Credit Suisse.
Kind Regards,
Lorraine Cronogue, QUINN-life Direct Ltd, Cavan

_______________________________________________________>
>
Dear Lorraine,
>
Given the current economic climate we are in I would be obliged if you provide answers to the following:
>
In the unlikely event of your stockbroker Credit Suisse going bust what would happen to the underlying shares in your funds i.e. Freeway Fund. What would the procedure be? Would Quinn Life merely switch the funds to another stockbroker or would there be a more complicated process to take the shares back from Credit Suisse?
>
In the unlikely event of Quinn Life going bust do these "underlying shares" stay with Credit Suisse or would Freeway Fund shareholders be forced to take the value of their fund at that time.
Sincerely,
______________________________________________________

I can confirm that if Credit Suisse were to go into liquidation, the share would be transferred to another Broker. This is a simple process of electronic transfer. I can also confirm that if Quinn Life were to go into liquidation, customers would be given the option of taking the value of the units or transferring the amount to another provider with a similar fund. If you have any further queries please do not hesitate to contact us.
Lorraine Cronogue, QUINN-life Direct Ltd, Cavan
_______________________________________________________
 
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