Move to counter instability reversed
The post-Brexit property shock is beginning to settle, according to an Island insurance and investment firm.
Canada Life this week announced it's removing the 'fair value adjustment' imposed on commercial property funds in the wake of June's referendum - and the instability that resulted.
As dawn broke on the day Britain voted leave, stocks, shares, currency and other assets took their biggest hit in decades - and in response, many firms including Canada Life suspended redemptions on several fund bases - but now, bosses say, the picture is looking a little clearer, and an adjustment is 'no longer necessary'.
It's good news for investors who've been left in the dark for some time, but in the wake of yesterday's pound slump alongside a set date for Article 50, the sector may not be out of the woods yet.
However Canada Life says it's 'continuing to monitor market conditions', and for the time being the firm's 'pleased to return to normal pricing practices'.
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