Interest compensation for delayed redemption of unit certificates limited to the actual period of delay at 15% per annum.

Delayed redemption of unit certificates attracted interest compensation because the redemption amounts were dispatched after the date they ought to have been paid, and the respondent's own policy provided for interest during the delay. The higher rate sought by the complainant was not accepted, so compensation was confined to 15% per annum and limited to the actual period of delay for each folio. Interest was calculated from 1-1-1994 to 19-2-1994 for folio No. 409877 and up to 26-3-1994 for the remaining folios.

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Issues: Whether the complainant was entitled to interest as compensation for delayed redemption of unit certificates, and at what rate and for what period.

Analysis: The redemption amounts were despatched after the date by which they ought to have been paid. On the respondent's own policy, interest was payable for the delayed period. The claim for a higher rate was not accepted, and interest was confined to the period of actual delay for each folio.

Conclusion: The complainant was held entitled to interest compensation at 15% per annum for the delayed period, calculated from 1-1-1994 to 19-2-1994 for folio No. 409877 and up to 26-3-1994 for the remaining folios.

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