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We don&#39t need any more simple products, says Smee

The Treasury&#39s creation of a range of simple products is unnecessary because products satisfying the needs identified by Ron Sandler are already offered by National Savings & Investments, according to Aifa director general Paul Smee.

Smee said the Government&#39s exercise was futile because products already exist that are suitable for low to middle-earners who are not saving.

Speaking at a Sandler seminar at the ABI&#39s annual conference in London last week, Smee told the panel, which included representatives from the FSA, the Treasury, product providers and the ABI, that the guarantees offered by NS&I products would be attractive to those who are not currently saving.

He said: “For a lot of people in that target market, the sort of product offered by NS&I is the sort of thing they should be buying. They are guaranteed products which allow people to participate in equity-backed savings without exposing them to the full vagaries of the market.”

NS&I accounts manager Sally Mantell says: “As Paul Smee says, the Sand-ler report is about low charges and products that are easy to understand and purchase. None of NS&I&#39s products have any charges and they are all explained in plain English. They are some of the most straightforward propositions in the marketplace today.”


Morley looks for hot property

MORLEY FUND MANAGEMENT MORLEY HIGH INCOME PROPERTY FUND Type: Unit trust Aim: Growth by investing in direct property, property related corporate bonds and cash Minimum investment: Lump sum £10,000 Investment split: Direct property 75%, property related corporate bonds 20%, cash 5% Isa link: No Pep transfers: No Charges: Initial 5%, annual 1.5% Commission: Initial 3% […]

HSBC Asset Management – Capital & Growth Plan

Monday, 14 April 2003 Type: Capital protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-no maximum, £7,000 Isa Term: Six years Guarantee: Original capital returned in full regardless of performance in the index Return: 21% growth at the end of three years if index grows by 21% or […]

Fixed loans on the Live agenda

Just when you thought you knew what to expect from mortgage regulation, the Government has bowled the industry a googly in the form of Chancellor Gordon Brown&#39s review into long-term fixed-rate mortgages, announced in the Budget. On the agenda at this year&#39s Money Marketing Live roadshow at London&#39s Olympia on May 13 will be a […]


“No, I have clients who are now deliberately setting aside money to save for the stamp duty they will have to pay when they move house every five years or so. This is a huge one-hit payment that needs to be changed to help savers.” Henry Simpson,Simpson Financial Planning“No not at all. This has been […]

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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