Terms and conditions, charges etc., should have been notified to you at or before point of sale. Charges and terms may differ depending on what channel you purchased the product from, e.g. broker, bank, direct from Friends First etc.
Have you contacted the person who arranged this for you?
In general, is early encashment penalties apply, they are applied as a percentage of the fund, regardless of whether it has gone up or down. An annual management charge is common to most if not all investment bonds, although the size of the charge can vary widely.