Investor Compensation Scheme

Hi all. Apologies if this has been addressed previously elsewhere. As I understand it, the deposit guarantee scheme does not apply to fund investments/policies, is this correct?
Additionally, under the Investor Compenstion Scheme, cover only applies institutions that have contibuted to the compensation scheme.
I am particularly concerned with the Guaranteed Evergreen Fund with Bank of Ireland Life. Bank of Ireland life appear not to be a contributor to the scheme.
Any information is greatly appreciated.

markell50 said:

Hi all. Apologies if this has been addressed previously elsewhere. As I understand it, the deposit guarantee scheme does not apply to fund investments/policies, is this correct?

Click to expand...

I am fairly certain that the deposit guarantee does not cover shares or funds.

Hi Ciaran,
You are correct in that the deposit guarantee does not cover this type of policy, I confirmed this with Bank of Ireland Life yesterday. I have been advised by them that this is an asset backed global fund.
To be honest, I don't understand what is meant by 'asset backed'. The advisor was also under the impression that BoI Life were part of the Investor Compensation Scheme, but they do not appear to be a contibuter to the scheme.
http://www.investorcompensation.ie/member_firms.php
My main concern is the safety of the fund in the event that all goes pear-shaped. As it is the Guaranteed Evergreen Fund, the initial capital invested is guaranteed to be returned in 2014 but, to me, this doesn't mean that it is guaranteed in all eventualities.
Any assistance/clarification is very much appreciated.

It would appear therefore that you are not protected.

I guess you need to decide if exit penalties are worth paying (if the option even exists) or if you are happy to keep the account open till 2014.

Cheers Ciaran. I guess I was hoping for an alternative to withdrawing the monies and paying the exit penalty. There is so much confusion at the moment, it's difficult to understand what is and is not covered by the various guarantees/schemes.
Thanks for your assistance.