From 1 April 2022, NS&I will offer the £1 million Premium Bonds jackpot winners the option to seek financial advice from any Certified Financial Planner (CFPTM) or Chartered Financial Planner in the UK. Referring winners to Certified Financial Planners (CFPTM) and Chartered Financial Planners will give significantly more choice in terms of selecting the type of adviser that best meets their needs. This change will also give over 8,000 advisers the chance to help winners of the Premium Bonds jackpot.
This change means that on 31 March 2022, we will be ending our contract with Matrix Capital, the advice firm that was twice selected by tender to solely run the service over the last eight years.
All Certified Financial Planners (CFPTM) and Chartered Financial Planners are qualified to a high level and are accredited by the two primary membership bodies for the profession – respectively, the Chartered Institute for Securities & Investment (CISI) and the Personal Finance Society (PFS, part of the CII Group). This provides NS&I with the assurance that Premium Bonds jackpot winners will be given the highest standard of financial planning.
Our Agents Million will continue to provide quality support, including important initial information a jackpot winner may require; and this includes details on the benefits of receiving financial planning expertise and protection for winners in vulnerable circumstances.
Andrew Pike, Head of Intermediary Relationships at NS&I, said:
“NS&I would like to place on record our sincere thanks to Matrix Capital for providing an excellent service to the Premium Bonds jackpot winners throughout the life of our partnership. They have gone above and beyond what was asked of them, and I have been truly impressed by their professionalism throughout, and their unwavering desire to put the customer at the heart of everything they do. There is no doubt that this has resulted in many positive outcomes for jackpot winners.
“We look forward to working with the CISI and the PFS on the new service and supporting their members to deliver it.”
Robin Melley, Chartered Financial Planner of Matrix Capital, commented:
“It has been a privilege to be NS&I’s exclusive financial planning partner over the last eight years, during which time we have met so many worthy winners that we have provided with pro-bono financial guidance or professional advice services.
“The positive experience of suddenly winning £1 million can also bring with it some unexpected consequences and every client’s circumstances are truly individual which professional advisers are well equipped to recognise and provide solutions for. We are grateful to NS&I for the opportunity and trust placed in Matrix Capital and look forward to remaining part of the service for future jackpot winners.”
Sally Plant, Head of Financial Planning at the CISI, said:
“The CISI is delighted to support NS&I on this wonderful initiative and we commend them on taking the lead in directing consumers to qualified professionals. The CFPTM holders are experts in providing a total, holistic, financial planning service to help consumers achieve their life goals and ambitions for themselves and their families.”
Melissa Collett, Professional Standards Director at the CII, said:
“By choosing a Chartered Financial Planner, Premium Bonds jackpot winners are choosing a professional who has made a public commitment to putting their clients’ interests first. Chartered Financial Planners must commit to and maintain the highest professional standards, in professional qualifications, ethical behaviour, business practices and ongoing professional development.”
Notes to Editors
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to 25 million customers. All products offer 100% capital security as 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 holders the chance to win tax-free cash prizes from monthly prize draws. The prizes available range from £25 to £100,000, plus the £1 million jackpot prize, which is given to two lucky prize draw winners each month. In March 2022, NS&I issued more than 3.3 million prizes worth over £97 million. Since the first prize draw in June 1957, ERNIE has drawn 555 million prizes with a total value of £22.7 billion.
- Premium Bonds jackpot winners will be directed by Agents Million to the following web pages to search for their most appropriate Certified Financial Planner (CFPTM) or Chartered Financial Planner:
- Agents Million will also encourage Premium Bonds jackpot winners to consider the Society of Later Life Advisers (SOLLA) and the Society of Trust and Estate Practitioners (STEP) accreditations too, usually shown in the financial planners’ profiles on the above databases. These accreditations provide even more assurance of the quality of advice the winners will receive, especially to those with specific needs.
- A page has been added to NS&I’s financial adviser website (the Adviser Centre) to provide Certified Financial Planners (CFPTM) and Chartered Financial Planners with some useful tips on how they can support Premium Bonds jackpot winners. This page can be viewed here: https://www.nsandi-adviser.com/supporting-premium-bonds-jackpot-winners
- For further information, please contact the NS&I media team.