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In: Business and Management

Submitted By Hanxiaoyu
Words 7747
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2.1 Key factors in case study

2.1.1 Saving factors in the case
As we know, Alexander is a forty-eight year-old CEO of Graphic Design Ltd. He draws a salary of £420,000 per annum. He and his wife Janet have a 14-year-old boy, 10-year-old girl and 3-year-old girl, named Adam, Sheila and Carina respectively. Janet is already 44 and works as her husband`s personal assistant with salary of £55,000 per annum. So the annual household income of his family is £475,000 totally. Adam and Sheila studied in a local private school. The couple will have to pay £3,000 per child per annum in school fee, what was more when Carina arrived her school age, and at that time she will probably be sent into the same school.

2.1.2 Mortgage factors in the case
The Flynn’s live in a bungalow which is conservatively evaluated £1.25m in firm economic condition. They have £450,000 mortgage to pay in 14 years. They decided to build an extension which cost £300,000. They have taken out the over 20 year’s mortgage on an endowment basis. A substantial shortfall leads to policy operational problems.

2.1.3 Protection factors in the case
As a Company Director and Chief Executive of a software company, Alexander is already 48 and close to his middle-age. Great work pressure may easily cause health problems. Janet is 44 and works as Alexander's personal assist. So this couple needs to protect health to deal with the pressure and workload. Their three children also need to protect health to prevent accident happen.

Because of the couple work in same company, and company have the opportunity of break down; they will need income protection to prevent redundancy.

Flynn’s' bungalow has a big appreciation of space and a favourable geographical position. It is conservatively evaluated £1.25m. If they build an extension, they will pay £750,000. But they has endowment basis police problem because of the bungalow subjects to shortfall, and it base on Global Financial Crisis.

Before Alexander set up the company, he had gone through redundancy but did not felt at ease. He used redundancy payment and a loan base on his previous family home from the bank to set up his company.

2.2 Likely financial needs of the clients

2.2.1 Saving needs
Alexander's annual salary is £420,000; Janet's annual salary is £55,000, so the couple's total annual salary is £475,000, so they belong to higher taxpayers. Alexander needs tax efficiency or tax-free product as a result of his high income. And Janet needs tax-free product to stabilize the household income and expenditure.

They have three children.The two older children have already reached 10, he attended a local private school which charges £3,000 per child per annum in school fees. If the youngest child started attending school, the couple will have to pay £9,000 as educational expenses. Their eldest child Adam needs higher return product because his age is closer to college age. Their second child Sheila is in the local private school, a ten year-old student as her brother. As she is still in the primary school stage, so she needs lower risk product. And Carina need long-termed return product, in this way could her future ensured.

2.2.2 Mortgage needs
The Flynn’s have a twenty-year’s mortgage on an endowment basis, but they have 14-years mortgage still unpaid. They need to find favourable payment methods, because of Global Financial Crisis affects the United Kingdom's economic, it make the policy cannot operate well, more favourable mortgage with lower risks is necessary.

The couple has decided to have their house extended which needs strong financial resources supporting of £300,000. Furthermore, they still have an mortgage of £450,000 on the property. So they need mortgage product which has lower initial repayments and lower annual percentage rate.

2.2.3 Protection needs
The software company, Graphic Design Ltd., was found by Alexander and his best friend, James Emerson. It has been operated successful currently but may be some danger in the future due to the effect of the global financial crises. Moreover, no one can undertake the risk of Partnership Company. As the fact that the couple works in the same company, so they can get the same income problems if the company is in danger. What was more they may face unemployment at the same time. Their company is a soft company; the needs of domestic market will influence sales, so does the Global Financial Crisis.
This company has seven-year history, and the seventh year is a key point, Global Financial Crisis can make more competition so the company faces a big risk, it is a transition to the company.
Alexander and Janet are both in their meddle-age. Alexander's workload and psychological stress are heavy because his special position. Janet, who works as Alexander's personal assist, is even busier than Alexander; she faces the pressure of work and family. Therefore, they need protections for health problem and sudden death. About children, two older ones are schooling, and the youngest one is about to school. The two older children may be subject to accidental injury, the little child must be protected because her poor immunity. So all of them needs the accident and sudden death protection.

For bungalow, which is conservatively estimated at a value of £1.25m, needs to maintain the value. They also about to find new products to pay the 20-year mortgage because substantial shortfall. Recently, the couple decided to build an extension to their home which need an extra financial supporting of £300,000. So they need the protection on Building and House contents damages.

The software company is uncertainty nowadays, and the couple is in their heyday and close to retirement. If the company bankruptcy, Alexander and Janet will be redundancy, they need Mortgage Holders. What was more they have three children, so they also need products about provision after retirement.

2.3 Suggestions for improvements

As mentioned in the former sections, I am on the point of recommending some products` information about saving, mortgage, and protection to my clients. However, because of my limitations on professional knowledge and experience, and as I located in China, part of the information cannot be gained in detail. Under some circumstances, my clients may feel not satisfied with my recommendations about products, and I definitely need some improvement on products selection and gain best return for them.

2.3.1 Saving products

For the couple
Individual Savings Accounts (ISA) is an ideal saving product for both Alexander and his wife Janet, or Janet herself. Because it provides the savers with a tax-free return and offer guaranteed interest rates over a fixed term. Janet has an annual payment of £55,000 who needs tax efficiency product with higher returns. This product provides tax-free returns on saving in line with the rate of inflation. ISA are lump sum investments which is exempt from UK income Tax and Capital Gains Tax. The investor does not have to declare any interest or capital growth earned. ISA have 2 or 5 years savings terms and the savers can make withdrawals before the end of the saving term but this will result in a lower rate of return. No interest is paid if cash in during the first year.

Adam and Sheila
Savings account is best suited saving product for the two older children, Adam and Sheila. Because the bond must be encase on the fifth anniversary or when the saver reaches his 21 years birthday. Adam will soon be on the University. He needs a sum of money to pay his tuition fees. According to Children’s bonus bonds (CBB), the insured will earn interest at a fixed rate over five years. These accounts all let customers set aside a portion of their liquid assets while earning a monetary return.(

The Child Trust Funds (CTF) is suitable for the youngest child; Carina, because the government will pay a further contribution on the child’s 7th birthday. The trust fund will not be available for access until the child’s 18 years birthday. After the fifteen years, her parents will reach their retiring age. The family’s income will decrease. In order to satisfy the spent of her college life study. This product is the best fit for Carina. Anyone can top up the fund at any time, subject to a maximum of £1200 per year limit on contributions. By investing this product for Carina, she can get an endowment of £250 , and she can also get a extra contribution when she is seven.

2.3.2 Mortgage products

For family bungalow
Variable Mortgage
Variable mortgage is a very suitable choice for the Flynn’s. A Variable mortgage is a type of mortgage loan that follows the Bank of England base interest rate. The family can pay lower monthly interest when interest rates decease. So I recommend this mortgage for the Flynn’s because they can benefit from cheap initial payments and the lower risk which can meet the Flynn’s needs to mortgage.

For home extension

Discounted Mortgage
Discounted mortgage is suitable for the Flynn’s. The reason for them to selecting is that the Discount rate mortgages can offers a lower rate of interest for the set mortgage term. Furthermore, it will reduce monthly interest rates and mortgage payments. And the borrower will pay a rate of interest that is set below the normal SVR. So by using discounted mortgage, the Flynn’s can benefit from the discounted rate which can reduce the payment in some extent.

For bungalow and home extension

Fixed Rate Mortgage
The fixed-rate mortgage is also a suitable mortgage for the whole family. Variable mortgages with a period of interest rate guarantee built in are fixed rate interest. Interest rate is fixed for a set time period can help the family to reduce harm as a result of Global Financial Crisis. The loan reverts to variable interest for the remainder of the term at the period end. Fixed mortgage may require the Flynn’s to retain their mortgage facility. Therefore, I strongly recommended this mortgage product for the Flynn’s, because it has low risk and security guaranteed, which can meet their mortgage needs.

2.3.3 Protection products

Because of problems mentioned above, the company where both Alexander and Janet work for, has the possibility to break down so it is good for them to take out an available and multifaceted income protection insurance against unemployment. This product can not only ensure their current life condition but also help them with their mortgage repayment, household fees and so on, unemployment including.

As mentioned above, both Alexander and Janet will be retired in about fifteen years so an essential protection called “Guaranteed Annuity” should be taken into consideration to ensure the rest life of the couple after their retirement. To prepare a vast amount of money for retirement by this product is wisdom and suitable, because it can provide a guarantee no matter what happened to the insured.

What was more; the building and content insurance which is also a protection for variable features are used to give security against damage and loss to home contents. It is necessary for the family to carry out this insurance because it can transfer the risk to the insurance company and reduce the damage when accidents happen.

At last, for the potential health problem of the Flynn`s, both for health and accidents, the most suitable product would be the health insurance which is necessary to the family. This product has a wide coverage policy which can protect the whole family from variable aspect, in addition, specialized care would be provided and the company benefit could be saved as well.

2.4 Likely providers

The providers that I recommend to the clients are all regulated by the FSA. On the purpose of gaining the best returns and the best protection, three providers are selected for each product to make a comparison. It is essential to do comparison because of by doing this the most suitable would be found.
The selected providers are chosen in terms of the financial needs and financial products to meet the clients` needs. But due to the limited time, some limitations are unavoidable whiling choosing productions, which may not attain the expectancy of the clients.

2.4.1 Saving products providers

2.4.1 Saving product provider

For the ISA, the products should provide the tax-free interest. What was more, whose AER is high should be chosen as the best one, the couple could get the most interest.
For Child’s Bond, the products are satisfied to couple's needs. These are tax efficient or tax free. The products of Nationwide are tax exemption. These will give them a high return.
For ASDA child fund, this product will have to offers the security of a guaranteed bonus. Carina can get long-term return from these products. The provider called Family Investment would be the best one.

2.4.2 Mortgage product provider

For the tracker mortgage, these products have variable interest, the initial payment should be considered. Repayment of bungalow has less risk. Alliance & Leicester provides the lowest initial payment rates should take into consider for the family.
For discount mortgage, these products should have low APR. The products of Scottish Widows Bank have the lowest APR. These can be use for the home extension.


For income protection insurance, these products provide high security. However, for British insurance, which pays a tax-free is the best choice among others.
For building and contents insurance, these products will maintain the bungalow and protect things in it. Product Liverpool Victoria covers many aspects of the home and gives some discount. So is the best choice.
For guaranteed annuity, the fixed income after retirement will comes from product ensuring. The product of Norwich Union is tax free on some conditions.
For health insurance, both the couple and their children are covered by using the health insurance issued by NatWest Personal banking.

2.5 Relevant products and services

After analyzing the needs of the clients, nine suitable products have been chosen respectively based on the expectancy of my clients, which are ISA, Children’s Bond, Child Trust Fund, Tracker Mortgage, Discount Mortgage, Income Protection Insurance, Building and Contents Insurance, Guaranteed Annuity and Health Insurance. Furthermore, there are twenty-seven providers in sum. In this section, the providers are in accordance with what has been chosen before but perfect with more details.

2.5.1 Relevant Saving Products
For the Couple
1) Lloyds TSB -- Guaranteed Capital Investment Bond Cash ISAs
Janet is guaranteed to get back at least her original investment when she uses Guaranteed Capital Investment Bond Cash ISAs by Britannia Building Society. These products have less any withdrawals and ISA Access Fees, so there is no risk, and the products guarantees return. There is no taxation. A fixed interest rate of 1.00% Tax Free AER is payable between investment date and Start Date.

2) First Direct -- Fixed Rate Cash ISA
First Direct Fixed Rate Cash ISA is a tax free savings account with a great fixed rate of 3.1% AER for 12 months. A deposit of £3600 can get the most of couple’s savings. In a tax year, the overall subscription limit is £7,200. It wills automatically transfers to Variable Rate Cash ISA with the applicable variable rate when the Fixed Rate Cash ISA has matured. The product convenient with the couple to savings and give them higher return.

3) Nationwide -- Cash ISA
Using Nationwide Cash ISA, Janet will pay no tax on her interest. There are no penalties; they can only deposit a maximum of £3600 over the entire tax year. With instant access, they cans Earn 0.60% AER to 2.00% AER from 2009 to 2010. The minimum balance is £1.

For two elder children
1) Abbey -- Children's Bonds
Minimum balance of £1 and Maximum balance of £20,000 across all Britannia Building Society First Saver accounts in one child`s name. Interest is paid annually and AER/Gross is 0.25%. Sheila can withdraw up to £500 per day in cash or larger amounts by cheque. Take Sheila as an example, when she aged 12, ‘Quick cash’ card option will be available.

2) National Savings and Investments (NS&I) -- Children's Bonds
All returns on NS&I Children's Bonus Bonds are completely tax-free for Adam and his parent. When two children held for five years, bonus will be paid. For the first 5 years each £25 (minimum investment) unit earns 1.65% pa compound. It will earn a bonus of £0.89 (3.56% of purchase price) in the fifth year. Tax-free rate pa/AER is 2.30%. It can satisfy with Adam`s and Sheila’s higher return needs.

3) NatWest Personal banking -- Children's Bonds
They can get the interest paid tax-free on a Young Saver account by NatWest Personal banking, and her parent can set up a Standing Order of at least £10 per month. Interest paid quarterly and APE/Gross is 0.70%. These means there is lower risk and high return.

For Carina
Child Trust Funds
1) Yorkshire Building Society -- The ASDA Child Trust Fund
The ASDA Child Trust Fund provided by The Children's Mutual is the UK's leading Child Trust Fund provider. It gives a tax-free lump sum to Carina at age 18 to help she follow her dreams. Parent also can get a Gift Card worth up to £25. Carina needs long-term return, she only 3, it can make her to gain much return.

Family Investments -- Child Trust Fund
Annual management charge of Family Investments Child Trust Fund is capped at 1.5% of the account value. When Carina's 13th birthday, Family Investments fund managers will start to move the investment from shares to lower risk investments.

3) Shepherds Building Society -- Child Trust Funds
Any income from a Child Trust Fund by NatWest Personal banking will be paid free of tax. Once Alexander and Janet is used voucher to open an account, the couple, friends and relatives can top up the account at any time. The minimum is £10 and maximum £1200. When Carina is 18, the product can help to pay first car part of college or university education fee and toward the deposit on their first home.

2.5.2 Relevant Mortgage Products
For family bungalow
Variable Mortgage

NatWest Personal banking -- 2 Year Tracker
NatWest Personal banking 2 Year Tracker gets a guaranteed return with a minimum deposit of £1,000 after five years. It may be able to earn interest free of tax. Initial rate is 3.39%. Tracks NatWest Bank Base Rate is +2.89%. Follow-on Rate (variable) is 4% and 4% APR. The Min deposit is 25% of total amount. The family will pay £299 for product fee.
2) Halifax -- 2 Year Base Rate Tracker Max 70% LTV
Initial rate (variable) of 2 Year Base Rate Tracker Max 70% LTV by Alliance & Leicester is 3.29% for 2 years. For the first 2 years, mortgage gets a rate of Bank of England Base Rate +2.79%. Then rate for variable currently is 4.99%. Loans are available between £50,000 and £999,999. It gives fully flexible. During the first 2 years, the family is on tied into mortgage. The product fee is 1% of the total amount. The payment was not too high, it can reduce expenditure.

3) Britannia Building Society -- Variable Rates
Variable Rates by Britannia Building Society only charge interest on the difference.
The rate of the Britannia Offset will track BoE base rate plus a life percentage of the mortgage. If the bank of England Base rate fall below 1.00%, it will charge based on bank base rate being equal to 1.00% continually.

For home extension
Discounted Mortgage
1) Astra Mortgage -- Term 0.40% Discount LTV 80% Intermediary Mortgage
Astra Mortgage Term 0.40% Discount LTV 80% Intermediary Mortgage initial rate is 4.45 % for 25 years. Subsequent Rate is not definite. The overall cost is 4.7% APR. Total Monthly Cost is £834.57. Early Repayment Charges is 2 years. It also needs to pay some extra charge.

2) Scottish Widows Bank -- 2 Year Tracker Rate Up to 75% LTV
2.99% above Bank of England base rate for 2 years giving a current rate of 3.49% (variable), currently 3.99% (variable) for the mortgage when Scottish Widows Bank Standard Variable Rate changed. The overall cost is 4.0% APR. This is annual interest rate, and lowest APR need less money to pay. Redemption Fee is £195 and Product Fee is £999. Booking Fee is none. The product ensures high return and less cost.

3) Alliance & Leicester -- 2 Year Base Rate Tracker Max 75% LTV
For the first 2 years, 2 Year Base Rate Tracker Max 75% LTV by Alliance & Leicester mortgage get a rate of Bank of England Base Rate +2.45%. Initial rate (variable) is 2.95% for 2 years. Then rate for remaining term currently is 4.99%. The product fee is £995. Minimum loans are £25,000 and maximum is £250,000. It gives the family fully flexible. During the first 2 years, the family is on tied into mortgage.

For bungalow and home extension
Fixed Rate Mortgage
Britannia Building Society -- 10 Year Fixed Rates
5.09% Fixed Rate for ten years is followed by Britannia Building Society Standard Variable Rate, currently 4.49% variable for the rest of the mortgage. Min Deposit is 40%. The overall cost is 5.3% APR. Arrangement Fee is £599 includes non-refundable booking fee of £150. The product can make stable return to avoid the influence by Financial Crisis.

2.5.3 Relevant Protection Products
For the couple
Whole of Life Policies
NatWest Personal banking -- Life Cover
NatWest Personal banking life cover plan pays a guaranteed cash lump sum if the couple die during the term of the policy and it could solute some financial problem. The couple can get free automatic cover for up to 90 days while we process their application. It gives the couple 30 day money-back guarantee. 22 and 26 year terms the couple can choose.

ASDA financial services -- Real Life Cover
£100,000 of Real Life Cover by ASDA financial services from is as little as 20p a day. If the couple were to become seriously ill, they will get a tax-free cash lump sum. It will recommend a range of policies to let the couple choose. Expert advisors will provide no-obligation quotes to the couple. It can give the couple comprehensive protection and the premium will be reasonable.

CS Healthcare health -- Individual Private Health Insurance
CS Healthcare health Individual Private Health Insurance covers the couple and the couple's children are covered free. From day one of their private healthcare policy, there is a 45% No Claims Discount. It has fast and comfort private medical treatment, the process operate fast.

For the couple
Personal Accident Insurance
Norwich Union -- Family Personal Accident Insurance
Norwich Union Family Personal Accident Plan financially protects the whole family with a tax-free lump sum in the event of in hospitalisation, disability or death caused by an accident. Cover available up to £100,000 for Accidental Disability, £50 per day for Hospitalisation and £50,000 for Accidental Death. Comprehensive cover just £3.75 per month. The product can defend the after-effect by accident happen.

For the two elder children
Student Insurance
NatWest Personal banking -- Student Insurance
NatWest Personal banking Student Insurance offers four levels of cover from £2,000 to £5,000 costing from only £25 a year. It pays up to £500 paid out per individual item, up to £500 for loss or damage and up to £250 per incident. It covers possessions in student accommodation when away for up to 30 days. It also covers for loss or theft of money and provides credit card cover. The product contains a wide range. It can secure the children’s health and protect their property.

For bungalow and home extension
Buildings and Contents Insurance
1) Liverpool Victoria -- Home Insurance (Buildings and Contents combined)
Accidental damage covers to most home entertainment equipment. In ASDA Home Insurance buildings cover, the family is covered up to buildings sum insured against loss or damage from specific causes, up to 20% of buildings sum insured to alternative accommodation cost and up to buildings sum insured full accidental damage cover optional. In contents cover, the family is covered up to sum insured home contents at home, Up to 20% of the contents sum insured contents temporarily removed and automatic cover up to the value of the damaged item to accidental damage cover for household electrical appliances. The family is covered up to buildings and contents sum insured full accidental damage cover optional.

2) Britannia Building Society -- Home Insurance & Contents Insurance
For paying by monthly Direct Debit, there is no extra cost. Third Party Liability is £2,000,000. The rebuilding value of home is up to £250,000. Sum insured on the Flynn’s’ buildings is automatically adjusted in line with the Housing Rebuilding Cost Index. Home Insurance & Contents by Britannia Building Society Insurance may increase the rebuilding value then revise the sum insured and calculate follow home alterations, extensions or improvements the family should tell.

3) NatWest -- Home Insurance (Buildings Insurance and Contents Insurance together)
The family can get up to £50,000 contents cover absolutely free when buying Home Buildings and Contents Insurance by Norwich Union. Home computer and home entertainment equipment is automatically covered for accidental damage with contents insurance. It covers the main structure of their home and the costs of rebuilding or repair. Cover automatically includes furniture while it is being repaired after a claim. Norwich Union provides up to £500,000 cover for property as standard to rebuild.

For the couple's job
Unemployment insurance
1) D&D home care -- Sickness, Unemployment or Life cover
Unemployment covers by HSBC up to 50% of the couple’s taxable gross monthly salary, and/or life or serious illness lump sum cover. It can protect their living standard. It is covered from only £6 a month. For the first 12 months, the couple receives a 25% discount off the monthly premium of their policy.

For the couple's job
Redundancy insurance
1) British Insurance -- Mortgage Payment Protection Insurance (MPPI)
Mortgage Payment Protection Insurance (MPPI) by B. Portwood & Co Lt is protect the couple’s mortgage payments. It is available for up to 65% of gross income or £1,500 per month benefit. The policy has the option of a 30 day or 60 day excess and £3.75 combined rate.

2) Payment shield-- Accident, Sickness and/or Unemployment insurance (ASU)
Payment shield ASU will pay out a tax free amount per month. The policy will run for 12 – 24 months once the couple has made a claim. The price is very low, and it has interest free payment. There is no excess period. The product covers income, mortgage payment, loans and other expenses; it can help the couple to maintain their mortgage payment.

3) Mike Elkins Consultancy -- Accident, Sickness & Unemployment cover (ASU)

It is possible to insure up to 75% of the couple’s gross monthly income to a maximum, dependent on the insurer with ASU cover. There is a free cover for the first 3 months. The couple is eligible to apply for a policy provided they have been in continuous employment for 6-months or more.

For the couple after retirement
1) Norwich Union -- Pension Annuity
The pension annuity by Norwich Union provides guarantee income. The couple can receive pension income either monthly, quarterly, half-yearly or yearly. The pension can maintain their living standard. The minimum amount the couple will need to buy a Pension Annuity is £10,000, after they have taken any tax-free cash.

2) Hodge Lifetime -- With Profits Pension Annuity
Hodge Lifetime = With Profits Pension Annuity guarantees to pay an income to the couple for the rest of their life. This is a stock market related investment. The couple’s income can change yearly and could go down. However, Hodge Lifetime = guarantee the couple income will never fall below a certain level. We offer a full range of annuity options.

3) Liverpool Victoria -- Variable Annuities
The couple use variable annuities by to prepare for the likelihood of a lengthy retirement combined with the high cost of living. The product can help supplement retirement of the couple. It supports a guaranteed death benefit. There is an opportunity follow growing on a tax-deferred basis.

6. Comparison among providers
At the part above, some providers of one same product were compared according to their benefits. It makes my clients have clearly opinion about the provider which they could get the most benefits. And it helps me choose the suitable providers for my clients. Meanwhile, the NatWest Personal banking is the last one that I choose at the private medical insurance of the protection part.

1. Saving products & providers
For couples
|Need Identified |Product Providers |Benefit and rates |
|Alexander |First Direct-- Guaranteed Double Asset |There is no taxation, a guaranteed |
|Tax efficiency |Bond |interest rate, higher withdraw amount. |
| | |The AER is 2.75% and free of tax. |
|Janet |Nationwide -- Fixed Rate Cash Individual |Higher yields and lower management cost. |
|Higher return |Savings Accounts | |

For children
|Need Identified |Product Providers |Benefit |
|Adam |National Savings and Investments (NS&I) |It is completely tax-free, and it will |
|Higher return |-- Children's Bonus Bonds |earn a higher bonus. The investment cost |
| | |is low. The interest is 1.70% and paid |
| | |annually and no taxation. |
|Sheila |NatWest Personal banking -- Young Saver |Tax-free interest and lower management |
|Lower risk |savings account |cost. |
|Carina |ASDA -- The ASDA Child Trust Fund |A tax-free lump sum. Much more benefit |
|Long-term return | |for future. 2.00% is the AER of the |
| | |products and tax free. |

2.6.2 Mortgage Product
For bungalow and home extension
|Need Identified |Product Providers |Benefit |
|Bungalow |Alliance & Leicester -- 2 Year Base Rate |Management cost is low, the interest rate|
|Lower down payment |Tracker Max 70% LTV |is variable. |
|Home extension |Scottish Widows Bank -- 2 Year Tracker |High discount and reasonable management |
|Lower cost |Rate Up to 75% LTV |cost. |
|Bungalow and home extention |Britannia Building Society -- 10 Year |Interest rate is stable. Deposit is not |
|Fixed interest rate |Fixed Rates |high. |

2.6.3 Protection Product
For couple
|Need Identified |Product Providers |Benefit |
|Couple's health |ASDA -- Real Life Cover |Management cost is low and a tax-free |
|High guarantee | |cash lump sum. |
|Couple's accident |Norwich Union -- Family Personal Accident|High guarantee and a tax-free cash lump. |
|Defend happen |Insurance | |
|Couple's job |Hodge Lifetime--Sickness, Unemployment or|Management cost is low and higher return.|
|High life guarantee |Life cover | |
|Couple lose job |D&D home care |High benefit and guarantee mortgage |
|Mortgage payment |-- Mortgage Payment Protection Insurance |payment. |
|Couple after retirement |Norwich Union -- Pension Annuity |Tax-free for future. More payment ways. |
|Maintain life quality | | |

For children
|Need Identified |Product Providers |Benefit |
|Adam and Sheila |NatWest Personal banking -- Student |Management cost is high. Wide guarantee |
|Higher guarantee |Insurance |range. |
|Carina |Health Special Risk -- Child Care, |Wide guarantee range. |
|Close care |Preschool and Day Care Insurance | |

For bungalow and home extension
|Need Identified |Product Providers |Benefit |
|Bungalow and home extension |NatWest -- Home Insurance (Buildings and |High discount and lower management cost. |
|Wide cover |Contents combined) | |

6. Effect on tax position For couple
|Recommended Product Provider |Rates / Benefit |
|Lloyds TSB -- Guaranteed Double Asset |There is a guaranteed interest rate of 5.25% gross pa/AER. Can be withdrawn to 50% |
|Bond |of initial investment. To offer a return of 100% and subject to a maximum growth of |
| |40%. |
|Alternative Product Providers |Rates / Benefit |
|First Direct |It gets a great rate of 4% AER/Gross and is fixed on first standing order. |
|-- Regular Saver Account | |
|Alternative Product Providers |Rates / Benefit |
|Nationwide |There is a guaranteed interest rate of 3.50% AER/Gross, it needs to paid fees. |
|-- High Interest Deposit Bond | |

For two elder children
|Recommended Product Provider |Rates / Benefit |
|Abbey |It is a tax free savings account with a great fixed rate of 0.70% AER. Parent can |
|-- Young Saver savings account |arrange this and Sheila could hold this account in trust when she is 16. |
|Alternative Product Providers |Rates / Benefit |
|NS&I |To pay a great rate of 0.50% AER (0.50% gross). When she over 11 years old, a linked|
|-- MySavings |current account opened automatically. |
|Alternative Product Providers |Rates / Benefit |
|NatWest -- FirstSaver |Interest is paid annually and AER/Gross is 0.25%. When Sheila aged 12, ‘Quickcash’ |
| |card option is available. |

3. For family bungalow
|Recommended Product Provider |Rates / Benefit |
|NatWest -- 2 Year Base Rate Tracker Max |Initial rate (variable) is 3.29% for 2 years. Mortgage gets a rate of Bank of |
|70% LTV |England Base Rate +2.79% for the first 2 years. It gives fully flexible. |
|Alternative Product Providers |Rates / Benefit |
|Halifax -- 2 Year Tracker |Initial rate is 3.39%. Tracker rate is +2.89%. Follow-on Rate (variable) is 4% and |
| |4% APR. |
|Alternative Product Providers |Rates / Benefit |
|Britannia Building Society -- Variable |Variable Rates plus a life percentage only charge interest on the difference. |
|Rates | |
5. For home extension
|Recommended Product Provider |Rates / Benefit |
|Astra Mortgage -- 2 Year Tracker Rate Up |Bank of England base rate is 2.99% above. Currently 3.99% (variable) for the |
|to 75% LTV |mortgage when variable rate changed. The overall cost is 4.0% APR. There is not much|
| |surcharge fees. |
|Alternative Product Providers |Rates / Benefit |
|Scottish Widows Bank |Initial rate is 4.45 % for 25 years. Subsequent Rate is not definite. The overall |
|-- Term 0.40% Discount LTV 80% |cost is 4.7% APR. It also needs to pay some extra charge. |
|Intermediary Mortgage | |
|Alternative Product Providers |Rates / Benefit |
|Alliance & Leicester -- 2 Year Base Rate |It gets a rate of Bank of England Base Rate +2.45%. Initial rate (variable) is 2.95%|
|Tracker Max 75% LTV |for 2 years. Then currently rate is 4.99%. It gives the family flexible. |
7. 2.7.3 Protection Product providers
8. For couple's health
|Recommended Product Provider |Rates / Benefit |
|NatWest Personal banking -- Real Life |£100,000 as little as 20p a day. It gives a tax-free cash lump sum when seriously |
|Cover |ill become. Can be chosen a range of policies. Expert advisors will provide |
| |no-obligation quotes. |
|Alternative Product Providers |Rates / Benefit |
|NatWest Personal banking -- Life Cover |It pays a guaranteed cash lump sum. Can be got free automatic cover for up to 90 |
| |days. It gives 30 day money-back guarantee. |
|Alternative Product Providers |Rates / Benefit |
|CS Healthcare health |It covers the couple and free covers the couple's children. There is a 45% No Claims|
|-- Individual Private Health Insurance |Discount. |

9. For Carina
|Recommended Product Provider |Rates / Benefit |
|Health Special Risk -- Child Care, |It covers accidental death and dismemberment, sickness, accidents or dental injuries|
|Preschool and Day Care Insurance |medical expense, and benefits extending beyond available primary coverage. |
|Alternative Product Providers |Rates / Benefit |
|NCCA -- Child Care Insurance/Preschool |It will reduce Carina's risks and after Carina's needs. The cost is effective. |
|Insurance | |
|Alternative Product Providers |Rates / Benefit |
|Sinclair Insurance Public and |It takes responsibility to protect to meet many occurrences. |
|Professional Liability Insurance -- Day | |
|Care, Nursery, Kindergarten, Pre-School | |
|Comprehensive Commercial Insurance | |
11. For bungalow and home extension
|Recommended Product Provider |Rates / Benefit |
|ASDA -- Home Insurance (Buildings and |It includes repairs covered, accidental damage cover |
|Contents combined) |The service is fast efficient. It also provides a choice of easy ways to pay. It |
| |gives much more discount to home and the contents. |
|Alternative Product Providers |Rates / Benefit |
|Britannia Building Society -- Home |There is no extra cost for paying by monthly Direct Debit. It may increase the |
|Insurance & Contents Insurance |rebuilding value. |
|Alternative Product Providers |Rates / Benefit |
|Norwich Union -- Home Insurance |It cover absolutely free when get up to £50,000 contents. It provides up to £500,000|
|(Buildings Insurance and Contents |cover for property. |
|Insurance together) | |
13. For couple lose jobs
|Recommended Product Provider |Rates / Benefit |
|B. Portwood & Co Lt -- Mortgage Payment |It protects the couple’s mortgage payments. It is available for up to 65% of gross |
|Protection Insurance |income or £1,500 per month benefit. It has a 30 day or 60 day excess option and |
| |£3.75 combined rate. |
|Alternative Product Providers |Rates / Benefit |
|SafetyFirst -- Accident, Sickness and/or |It will run for 12 – 24 months once claim has been made. The price is very low, and |
|Unemployment insurance |it has interest free payment. There is no excess period. |
|Alternative Product Providers |Rates / Benefit |
|Mike Elkins Consultancy -- Accident, |It is possible to insure up to 75% of gross monthly income to a maximum. There is a |
|Sickness & Unemployment cover |free cover for the first 3 months. |
15. For couple after retirement
|Recommended Product Provider |Rates / Benefit |
|Norwich Union -- Pension Annuity |It provides guarantee income. Can be received pension income either monthly, |
| |quarterly, half-yearly or yearly. The minimum amount is £10,000, after take any |
| |tax-free cash. |
|Alternative Product Providers |Rates / Benefit |
|LV= Liverpool Victoria -- With Profits |It pays an income for the rest of life. The income can change yearly and could go |
|Pension Annuity |down. It guarantees the couple income will never fall below a certain level. |
|Alternative Product Providers |Rates / Benefit |
|Prudential -- Variable Annuities |It can help supplement retirement. It supports a guaranteed death benefit. There is |
| |an opportunity follow growing on a tax-deferred basis. |

2.8 Effects on tax position
For my clients, the total annual income of his family is £475,000, which made them become high rate tax payer with a large income. In UK, for the person with the income of over £37,400, the Income Tax rate is 40%. So for Flynn’s, the taxation that they have to pay is about £190,000 (£475,000*40%). What was more, the tax rate for the person with the income of over £150,000 will increase to 50% in the future.

Generally speaking, the tax of the savings products is more complex than other products, so I spent a lot of time on saving products. And the savings products which are provide products are tax-free. Because the mortgage product irrelevant with the tax so I do not have too much to consider it. The protection products will be relative low or none to the tax.

Due to the high personal income tax rate, the taxation should be considered when selecting the product. For example, the ISA which can be saved or invested tax-efficiency could be adopted, because this product is free of not only UK income tax but also capital gains tax, which could help the clients to save more idle cash for other investment. But if the taxation were not avoided, the interest return that the clients get would be much less than present.

2.9 Justification for selections

For recommended the most suitable products for the Flynn’s, I picked three providers which are authorized and regulated by the Financial Services Authority (FSA) for each product. The reason is that with three providers of one product, I can make cooperation and select a best one which can meet their needs at the very most and bring them benefit.

I selected the most suitable products and services according to the Flynn’s financial needs in savings, mortgages and protections, which has been fully discussed in section

For saving needs, t the products of them fully meet the current needs of my clients in tax efficiency, higher guaranteed & long-term returns and lower risk. So I will choose those high quality products and services with tax-free and higher returns.

For the mortgage needs, I recommended the Flynn’s the products which have lower initial repayments, lower annual percentage rate, and more favourable mortgage with lower risks. So I paid attention to mortgage products with lower rick and can help them pay off the loans.

For the protection needs, the products selected for the Flynn’s must protect against their unemployment risk, health problem, accident and sudden death, building and house contents damages. So I selected the protection products to see if they have reasonable charges lower premium, and high quality customer services.

3 Evaluation
3.1 Criteria for evaluation
After selecting the suitable providers, the project already finishes. Then the project should be evaluated by some criteria. While, for the criteria, there are five aspects should be considered.

The first aspect is the time. For the time, the duration of the time is six weeks, but time is still pressing, so some important data can not be assumed, which would have an influence on the project.

Secondly, what should be considered is the breadth. For the products, they have been selected by the detailed information such as the taxation, benefits and so on to meet the current and potential needs of the clients. For example, the ISA which is tax-free can help the clients to save huge extra money.

Thirdly, the currency is also an important factor. The websites of my products are always up date, which help me to get the current information to fulfill the project. Additionally, the information is accuracy and quick, which can help me get the most useful information.

Fourthly, what should be considered is the authority. All of the products are regulated by the Financial Services Authority (FSA), so all of the providers are authority which can provide the suitable and reliable products to me.

3.2 Changes made during project compared to original action plan

In practice, there are some differences between the planning and the developing stage. In developing stage, I interviewed the banks or insurance companies as I planned. And I spent plenty time on searching the information of products than the expectancy of planning. Because it’s not easy to find a suitable products and the three provider related. It is much more difficult than I thought. It is satisfied that I wrote this report faster than I planned to. And I got most of the useful information from internet.

Apart from E-mail, I consulted some professional people related to savings, mortgages and protection who offered me a lot of useful information of financial products. Furthermore, I visited many providers’ website and get enough related information. These remedies methods did help me a lot in complete this report which improved my writing efficiency.

3.3 Effectiveness of process
The effectiveness of the process should be considered after fulfilling the project. The whole process of the project is comparatively efficient. The crucial determinant to achieve this outcome is relative to my clients’ expectancy which inspires me to select the best product and provider for them to get the best return and protection. However, during the process there are still many problems existing in the financing process, for instance, for me, short of experience and the limited scope of knowledge affected both the duration and the effectiveness of financing process. Therefore I consulted some financial professionals in order to solve the problems, which improved my accuracy of the analysis.

4.0 Conclusion
After finishing the project, what I acquire the most is the professional knowledge of finance. However, there are some limitations as well. When doing the projects, due to the limited knowledge, many aspects cannot be considered. So I hope in the future, these limitations can be considered and do more practice to perfect the project.

Scottish Qualifications Authority, The personal financial service: an introduction DG8C 04 (2004), China Modern Economic Publishing House, p112-p124
Scottish Qualifications Authority, Principles of insurance DG8C 04 (2004), China Modern Economic Publishing House, p22-p27
Scottish Qualifications Authority, Business DE5M 34 (2004), China Modern Economic Publishing House, p16-p24


Saving products

NO.3 Shepherds Building Society

NO.2 Family Investment

NO.1 Yorkshire Building Society

NO.3 NatWest


NO.1 Abbey

NO.3 Nationwide

NO.2 First Direct

NO.1 Lloyds TSB Bank plc

For Carina
(ASDA Financial Services)

For the elder children: Adam and Sheila
(Child’s Bond)

For the couple

NO.1 Astra Mortgage

Mortgage products

For the house extension fees of £300,000
(Discount Mortgage)

NO.3 Alliance & Leicester

NO.2 Scottish Widows Bank

NO.2 Halifax

NO.3Britannia Building Society

NO.1NatWest Personal banking

For the outstanding mortgage of £450,000 (Tracker Mortgage)

Protection products

For unemployment insurance of the couple (Income Protection Insurance)

Home insurance for the Flynn’s (Building and Contents Insurance)

Annuity for the couple
(Guaranteed Annuity)

NO.1D&D home care

NO.2 British Insurance

NO.3 Payment shield

NO.1 Liverpool Victoria


NO.3 NatWest

NO.1 Norwich Union

NO.2 Hodge Lifetime

NO.3 Liverpool Victoria

NO.1 NatWest Personal banking

NO.2 ASDA healthcare Ltd

NO.3 CS Healthcare health

Life insurance for the Flynn’s (Health Insurance)

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