James Hay launches Selected UK Banking Plan

James Hay Wrap Managers has launched its new Selected UK Banking Plan, an opportunity to participate in the performance of four of the UK's major banking stocks with 100% capital protection at maturity.

The plan also provides the possibility for early maturity at the end of the first four years of the maximum five year term, with outstanding growth potential equivalent to 13% per annum - the growth is not compounded, the company said.

The plan has a minimum investment level of GBP10,000 and is issued by Abbey National Treasury Services, a wholly owned subsidiary of Abbey National.

The product is available directly and within the James Hay self-invested personal pension (SIPP) and wrap products. If the monies are held within an SIPP, under current legislation no tax will be due on the monies at maturity or earlier withdrawal.

Andy Pennie, marketing director of James Hay, said: "In the banking sector, shares are experiencing volatility and a general downward trend in share prices as a result of the credit crunch. This product therefore offers an attractive and innovative option for investors seeking exposure to these important UK banking stocks, while significantly reducing capital risk.

"The potential tax free returns for SIPP investors make this a very attractive way to invest in this plan and hence why James Hay, a SIPP and wrap specialist, has developed this exciting new investment opportunity."

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