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Banks back bulk-buy Tep scheme with loans

Tep company Rochford Policies is embarking on an agg-ressive marketing campaignto promote its new investment scheme.

It is sending information packs about its traded endowment investment portfolio plan to all IFAs. The plan allows investors to buy Tep policies in bulk to maximise potential returns.

Investors can take out a loan from high-street banks participating in the scheme to purchase a portfolio of with-profit endowment policies.

Investors have two options under the plan. They can invest a lump sum to buy apolicy and then borrow against that policy to buy more.

The other choice is to pay the difference between thepurchase and surrender values for all the policies they wantto buy and borrow the rest.

The bank loan covers both initial costs and premiums.

Rochford estimates an investor who has £15,000 to invest could buy £61,000-worth of endowment policies.

The backers of the scheme are Bank of Scotland, Bank of Ireland and Royal Bank of Scotland.

The company is producing literature for IFAs to distribute to clients.

Rochford says it has received a lot of interest from IFAs who want to use its customer material for mailshots and other promotions.

Sales manager Garth Ellison says: “We are offering a comprehensive and competitive investment opportunity that is a benefit to consumers and a benefit to IFAs. The product information we are dist-ributing will help to get that message out.”


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