Each monthly jackpot winner is given the option of receiving high quality financial advice. Should the winner wish to take up this option, NS&I introduces them to its nominated advice firm.
Details of the requirements to provide these services from 1 April 2014 are available on NS&I’s dedicated adviser website.
The requirements include:
The advice firm must have Chartered status and / or be an Accredited Financial Planning FirmTM.
The advice firm must have suitably qualified staff (Chartered and / or Certified Financial Planners), based at physical offices located across the UK, to enable their services to be provided at very short notice.
Ideally the advice firm should be ‘independent’; however, larger firms who have chosen to become ‘restricted’ will still be considered, dependent on the detail of their service proposition.
The advice firm must demonstrate an exemplary regulatory record.
The existing contract to provide this service was awarded to Close Asset Management in 2008 following an open tender competition. This contract ends on 31 March 2014.
John Prout, Retail Customer Director at NS&I, said:
“It is important that winners of the Premium Bonds £1 million jackpot prize have the option of receiving financial advice. We now wish to open the service again to market competition and expect a good level of interest. This will ensure that we continue to make high quality financial advice available to the jackpot winners.”
Notes to Editors
NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to over 25 million customers. All products offer 100% capital security because NS&I is backed by HM Treasury.
Premium Bonds are NS&I’s most popular savings product. Instead of earning interest on savings, Premium Bonds give Bond holders the chance to win tax-free cash prizes from our monthly prize draws. The prizes available range from £25 to £100,000, plus the £1 million jackpot prize which is given to one lucky prize draw winner each month. In September 2013, NS&I issued over 1,700,000 prizes totalling more than £50 million.