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NS&I announces a new way of referring Premium Bonds jackpot winners to quality financial advice

Photo of Andrew Pike
Andrew Pike, Head of Intermediary Relationships at NS&I

From 1 April 2022, NS&I will offer the £1 million Premium Bonds jackpot winners the option to seek financial advice from any Certified Financial Planner (CFPTM) or Chartered Financial Planner in the UK. Referring winners to Certified Financial Planners (CFPTM) and Chartered Financial Planners will give significantly more choice in terms of selecting the type of adviser that best meets their needs. This change will also give over 8,000 advisers the chance to help winners of the Premium Bonds jackpot.

This change means that on 31 March 2022, we will be ending our contract with Matrix Capital, the advice firm that was twice selected by tender to solely run the service over the last eight years.

All Certified Financial Planners (CFPTM) and Chartered Financial Planners are qualified to a high level and are accredited by the two primary membership bodies for the profession – respectively, the Chartered Institute for Securities & Investment (CISI) and the Personal Finance Society (PFS, part of the CII Group). This provides NS&I with the assurance that Premium Bonds jackpot winners will be given the highest standard of financial planning.

Our Agents Million will continue to provide quality support, including important initial information a jackpot winner may require; and this includes details on the benefits of receiving financial planning expertise and protection for winners in vulnerable circumstances.

Andrew Pike (pictured), Head of Intermediary Relationships at NS&I, said:

“NS&I would like to place on record our sincere thanks to Matrix Capital for providing an excellent service to the Premium Bonds jackpot winners throughout the life of our partnership. They have gone above and beyond what was asked of them, and I have been truly impressed by their professionalism throughout, and their unwavering desire to put the customer at the heart of everything they do. There is no doubt that this has resulted in many positive outcomes for jackpot winners.

“We look forward to working with the CISI and the PFS on the new service and supporting their members to deliver it.”

Robin Melley, Chartered Financial Planner of Matrix Capital, commented:

“It has been a privilege to be NS&I’s exclusive financial planning partner over the last eight years, during which time we have met so many worthy winners that we have provided with pro-bono financial guidance or professional advice services.

“The positive experience of suddenly winning £1 million can also bring with it some unexpected consequences and every client’s circumstances are truly individual which professional advisers are well equipped to recognise and provide solutions for. We are grateful to NS&I for the opportunity and trust placed in Matrix Capital and look forward to remaining part of the service for future jackpot winners.”

Sally Plant, Head of Financial Planning at the CISI, said:

“The CISI is delighted to support NS&I on this wonderful initiative and we commend them on taking the lead in directing consumers to qualified professionals. The CFPTM holders are experts in providing a total, holistic, financial planning service to help consumers achieve their life goals and ambitions for themselves and their families.”

Melissa Collett, Professional Standards Director at the CII, said:

“By choosing a Chartered Financial Planner, Premium Bonds jackpot winners are choosing a professional who has made a public commitment to putting their clients’ interests first. Chartered Financial Planners must commit to and maintain the highest professional standards, in professional qualifications, ethical behaviour, business practices and ongoing professional development.”

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