NS&I is to refer £1m Premium Bonds jackpot winners to Certified Financial Planners or Chartered Financial Planners.

They will be referred from 31 March.

The winners will be directed to a Planner through Agent Million who will direct them to the CISI and PFS’s online directories.

Previously the winners had been referred to leading Midlands Financial Planning firm Matrix Capital for advice, which had been twice selected by tender to run the service for over eight years.

NS&I will end its contract with Matrix Capital from 31 March.

Andrew Pike, head of intermediary relationships at NS&I, said: “NS&I would like to place on record our sincere thanks to Matrix Capital for providing an excellent service to the Premium Bonds jackpot winners throughout the life of our partnership.

"They have gone above and beyond what was asked of them, and I have been truly impressed by their professionalism throughout, and their unwavering desire to put the customer at the heart of everything they do. There is no doubt that this has resulted in many positive outcomes for jackpot winners.

“We look forward to working with the CISI and the PFS on the new service and supporting their members to deliver it.”

Robin Melley, Chartered Financial Planner of Matrix Capital, said: “It has been a privilege to be NS&I’s exclusive Financial Planning partner over the last eight years, during which time we have met so many worthy winners that we have provided with pro-bono financial guidance or professional advice services.

“The positive experience of suddenly winning £1 million can also bring with it some unexpected consequences and every client’s circumstances are truly individual which professional advisers are well equipped to recognise and provide solutions for. We are grateful to NS&I for the opportunity and trust placed in Matrix Capital and look forward to remaining part of the service for future jackpot winners.”

Agents Million will continue to provide support including sharing details on the benefits of receiving Financial Planning expertise and protection for customers in vulnerable circumstances.

Sally Plant, head of Financial Planning at the CISI, said: “The CISI is delighted to support NS&I on this wonderful initiative and we commend them on taking the lead in directing consumers to qualified professionals. The CFP holders are experts in providing a total, holistic, Financial Planning service to help consumers achieve their life goals and ambitions for themselves and their families.”

Melissa Collett, professional standards director at the CII, said: “By choosing a Chartered Financial Planner, Premium Bonds jackpot winners are choosing a professional who has made a public commitment to putting their clients’ interests first. Chartered Financial Planners must commit to and maintain the highest professional standards, in professional qualifications, ethical behaviour, business practices and ongoing professional development.”

Treasury-backed NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to 25m customers.

Instead of earning interest on savings, Premium Bonds give holders the chance to win tax-free cash prizes from monthly prize draws. The prizes available range from £25 to £100,000, plus the £1m jackpot prize, which is given to two lucky prize draw winners each month.

In March 2022, NS&I issued more than 3.3m prizes worth over £97m. Since the first prize draw in June 1957, NS&I has given out 555m prizes with a total value of £22.7bn.

• Don't miss our next issue of Financial Planning Today Magazine out soon. It features an exclusive Planner Casebook by Robin Melley FPFS on what happened when a vulnerable £1m Premium Bond winner was referred to the firm. It's a dramatic and surprising case.