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£4m drive for stakeholder suite

The Government is investing £4m in marketing its stakeholder suite of financial products to consumers.

The new range of low-cost, risk-controlled savings and investment products can be sold through a basic advice regime from April.

The suite includes a deposit account and medium-term investment product which are both available within an Isa, the child trust fund and revised stakeholder pension.

Egg director Martin Fox says: “This is not a lot if you want to change the world. It is a tiny amount.”

Which? principal policy adviser Mick McAteer says: “It is good to see the Government put its money where its mouth is but this is a drop in the ocean and falls short of the radical solutions needed to address the problem of people not saving enough for retirement.”

Dennehy Wheeler & Co managing director Brian Dennehy says: “The Government getting involved makes my head spin. The public rarely pays attention anyway. Take the whole Pep/Isa situation. They are adding unnecessary complexities, putting off the type of people they should be encouraging to save.”

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