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Govt is urged to top up savings for less well-off

Virgin Money is calling on the Government to introduce a

contribution-matching scheme to encourage the take-up of savings

products among low-income groups.

It is calling for a means-tested scheme that would see the Government

matching savers contributions pound for pound up to a limit of

£500.

Virgin is also calling for the Government to stop promoting cautious

managed funds within the Sandler suite of products.

In its response to the Sandler product consultation, Virgin argues

that the proposed cautious managed funds are not suitable for

risk-averse investors as they would still have lost almost 10 per

cent of their money over the last five years.

Director Gordon Maw says: “We do not believe it will be possible to

attract new savers with the proposed Sandler product unless the

Government introduces a considerable new incentive to save. For

people who are not currently saving, cautious managed funds are not

necessarily the answer. For anyone who is risk-averse they are

inappropriate and for anyone who is willing to take on equity risk

they are inadequate.”

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