Building greater flexibility into the Provision Fund – Updating Lender Terms

Our blog on 3 November 2016 described how we are building greater flexibility into the Provision Fund in order to make it less binary and more robust, and that we intend to update the Lender Terms with effect from 1 March 2017.

Today we are publishing the updated Lender Terms, one month in advance of them coming into effect. This is an important update and we would encourage you to review the new terms. You can see them here. We are also publishing a summary of changes to Lender Terms listing any changes made since October 2015, which can be viewed here.

We believe that a more flexible Provision Fund is an improvement that is in the interest of investors. But we understand that any change can be unsettling. Therefore, if anybody with an active investment is not comfortable with this change and wishes to withdraw before 1 March, we would be happy to waive the early exit fees. Investors seeking to do this must call us on 020 3142 6226 before withdrawing.