National Savings & Investments has withdrawn claims about the performance of its guaranteed equity bond from its press advertising following IFA criticism.In a letter to Money Marketing, Aire Valley IFA Malcolm Guy branded the ad misleading because it claimed that the bond would “genuinely outperform any growth in the FTSE 100 index”. Guy called on the FSA to take action against NS&I, claiming it would have acted in a heavy-handed way if the statement had been made by a financial institution in the private sector. NS&I has now responded by removing the offending sentence from the ad. A spokesman says although the NS&I does not strictly fall under the FSA remit because its liabilities are effectively Government liabilities, the ad does fall under its guidelines because the bond has a six-month averaging period. He says: “The claim only appeared in our press ads but we have taken out the statement that mentions the word ‘genuinely’. “Because we are a Government agency, being open and transparent is key to our brand and we do not want to be in a position where an advertisement could be misinterpreted. We have been going since 1861 and try to follow industry guidelines. We are signatories to the banking code and the financial ombudsman service and we follow the FSA handbook rules.”
Citizens Advice reports that consumer credit problems have doubled
In my last article, I gave examples of the three ways in which pensions may be taken into account in financial settlements on divorce – these being set-off, attachment orders and sharing orders.
HSBC is concerned that employers may choose to “dumb down” their pension provision to the level of the Government’s proposed national personal accounts scheme rather than continue with more generous company pensions unless they are given incentives to stick with existing schemes.
Butterfield Private Bank has relaunched its loan service for divorce cases. It aims to help with payment of legal fees and living expenses during divorce proceedings. Butterfield has increased the maximum amount of funds available from 50,000 to 150,000. The launch comes in the week that the Law Lords set a legal pre-cedent by awarding […]
Head of Sustainable Investing at Royal London Asset Management, Mike Fox, looks at the case for including artificial intelligence within a sustainable investment strategy. Read the article in full here The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get […]
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