HBOS has welcomed yesterday's announcement from the Treasury about a new long-term savings regime for the UK.
HBOS believes that a 1.5% annual charge is realistic and will undoubtedly increase the level of competition within the savings industry. More transparency and more competition is good news for customers. It will give a greater number of consumers access to advice and products; providing more solutions, for more people, to the £27bn per year savings gap.
HBOS introduced a range of Sandler-style products two years ago. These products, which include advice in their pricing, all feature no initial charge, no exit fees and annual charges of 1-1.5%.