Companies  

Matrix replaces Close Brothers as NS&I jackpot adviser

Shropshire-based chartered advice firm Matrix Capital has won the contract to advise the winners of National Savings and Investments’ monthly £1m premium bond jackpot.

Matrix takes over for Close Brothers Asset Management, which said it did not want to be considered part of the re-tender this year after delivering the service for the past eight years. The re-tender process began in September 2013, for a contract which begins 1 April 2014.

Although NS&I ensures financial advice is available to each winner, it is up to the winners themselves to decide if they accept the service.

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NS&I’s most popular savings product, premium bonds give bondholders the chance to win tax-free cash prizes each month ranging from £25 to £100,000 with one £1m jackpot. In March of this year the value of total prizes issued by NS&I exceeded £51m.

This year’s Budget confirmed that the number of premium bond jackpot draws would increase from one to two per month from August 2014.

Julian Hynd, retail director at NS&I, said: “The new contract with Matrix Capital will ensure that Premium Bonds jackpot winners continue to have the option of receiving high quality financial advice.

“I would like to congratulate Matrix Capital on winning the contract and also thank all the financial advice firms who took part in the re-tender process.”