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National Savings want IFAs to advise £1m Ernie winners

National Savings and Investments is looking for IFAs to provide financial advice to the monthly £1m winner of its premium bond prize draw.

Its current contract with a provider with an independent advice arm is coming to an end and it is looking for a firm to provide advice to its monthly £1m winners for the next two to five years. Each winner is given the option of taking financial advice and the £1m is placed into a high-interest account in the meantime. Winners can also return for further advice in the future.

The firm picked will not get commission or a fee for its advice but costs are covered by NS&I. The tender response deadline is September 15.

NS&I media relations manager Jonathan Akerman says: “The choice of company is based on an array of things, for example, past performance and turnover. If a big IFA firm came back with what we need and was able to do the job there is no reason why we would not take them on.”

Park Row Corporate & Private Clients director Peter Sprung says: “This is a great opportunity for any firm, as to be appointed would be very prestigious and a great recommendation generally.”

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