The following Private Client practice note Produced in partnership with Tolley Guidance provides comprehensive and up to date legal information covering:
National Savings & Investments (NS&I) is an Executive Agency of the Chancellor of the Exchequer. According to its website, NS&I is one of the largest savings organisations in the UK, with 25 million customers and £100 billion invested. Best known for premium bonds, the organisation also offers a range of other savings and investments to suit different people's needs, including savings certificates, income bonds and children's bonds. All the products offer 100% security because NS&I is backed by HM Treasury.
Individuals can buy NS&I products online, but new investors will need to supply evidence of identity and address.
The usual health warning applies here: practitioners cannot give investment advice unless authorised to do so by the Financial Conduct Authority. While it is permitted to tell the client about tax efficient investments generally, unless authorised to do so practitioners must not recommend any, based on the client’s circumstances.
Premium bonds do not guarantee a rate of return because a premium bond is effectively a raffle ticket. There is a draw every month, and only if the bond number is drawn does the investor win a prize.
Premium bonds are attractive because there is a possibility (however remote) that an investor could win a £1 million prize in the monthly draw. This prize is tax-free. Premium bonds can be cashed in at any time and the money
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The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
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