National Savings & Investments has invited financial advice firms to respond to a tender to provide their services to the winners of the two monthly £1m Premium Bond jackpots.
NS&I offers financial advice to each winner of the £1m Premium Bond jackpot but it is up to each individual winner to decide whether or not to accept the service.
The winners will also have to decide whether or not to take up and pay for any additional services provided by the firm.
The existing contract to provide this service was awarded to Matrix Capital in 2014 following an open tender competition but this contract ends on 31 March 2018.
Andrew Pike, head of intermediary relationships at NS&I, said: “We are committed to providing the 24 winners of the Premium Bonds £1m jackpot prize each year with the option of receiving high quality financial advice.
"This unique service, open now to market competition, is an exciting opportunity and is expected to create a significant level of interest."
In order to submit a tender, a financial advice firm must be registered and authorised by the Financial Conduct Authority, must have been trading under the same company name for a continuous period of five years or more and must have chartered status or be an accredited financial planning firm.
The requirements also include being able to travel to every geographical location of the UK, being independent and being able to offer face-to-face advice.
As part of the tender process NS&I has appointed an evaluation panel which will include representatives from the Personal Finance Society and the Chartered Institute for Securities & Investment for the first time.
The full list of requirements for the tender is available here.
damian.fantato@ft.com
