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TRUSTEE DEPOSIT SERVICE
Project type
Telegraph Media Group
Date
2008
Capacity
Founder - Penniston-Hill Private Clients
Following the Northern Rock crisis in 2007 (the first signs of the impending global banking collapse hitting the UK) I began setting up the structure for a trustee deposit service that operated on a similar discretionary basis as trust based SIPPs and would provide savers with protection from more widespread threats.
It was a year later that the 'credit crunch' truly hit UK banks and this early preparation work paid off as I was able to very quickly roll out a service whereby savers could place their cash deposit money into a bare trust and have this managed for them so that not only were they always in the highest interest paying accounts - but no more money than would be covered by the Financial Services Compensation Scheme was ever held in any one bank (which at the time was £35,000 rising to £50,000).
In order to manage demand the services was only made available to readers of the Daily & Sunday Telegraph, which at the time was an Appointed Representative of Intelligent Money.
