National Savings and Investments will continue its deal with Shropshire IFA Matrix Capital to advise winners of its bi-monthly £1m in premium bond jackpot prizes.
Matrix last had its contract with NS&I extended on a 12-month agreement last February, and has held it since the 2014, after Close Brothers Asset Management ended its eight-year association with the organisation.
NS&I head of intermediary relationships Andrew Pike says: “We are pleased to confirm our intention to contract with Matrix Capital to provide Premium Bonds jackpot winners with the option of receiving high quality financial advice. This is an important service, reflected by the strong field of contenders and the excellent bids we received for the contract.”
The Personal Finance Society and the Chartered Institute of Securities and Investments were among the evaluation panel for what it called a “competitive” procurement process which began last November.
Matrix managing director Robin Melley says: We are delighted that NS&I has confirmed its intention to contract with us again, following the re-tender of the service to provide professional advice to Premium Bonds jackpot winners. We look forward to continuing to work with NS&I to deliver this important service, and remain committed to providing our clients with a personal service that creates added value, through the application of the highest standards of financial advice.”
Matrix’s contract with the jackpot prize ruffled feathers in 2014, after the small adviser was chosen despite the NS&I’s tender stating that the partner advice provider should have a large national reach.