HSBC, the UK's largest bank, has launched an open architecture Maximum Investment Plan for sale through independent financial advisors .
The ten-year regular savings plan provides investment returns which are not subject to higher rate income tax.
According to HSBC, it is designed to help independent financial advisors with long-term, tax efficient savings planning for their high net worth clients.
The product has been launched in response to recent tax changes, which introduced a 50 per cent income tax rate for high earners and restricted pension tax relief.
Antony Champion, head of intermediary sales, at HSBC Life, commented: "Many independent financial advisors are seeking new ways to shelter highly paid clients' long term savings from higher rate taxation and find solutions for retirement income planning.
"Our Maximum Investment Plan provides an excellent alternative for independent financial advisors whose clients have already exhausted traditional tax avenues."
Founded in 1991, HSBC has around 100 million customers worldwide.
HSBC launches Maximum Investment Plan
HSBC launches Maximum Investment Plan
Thu, 25 Nov 2010
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