Frenkel Topping comment re: Ogden rate
LEI 213800I5L3K7AT7A4R20
Frenkel Topping Group plc
("Frenkel Topping" or the "Company")
Frenkel Topping comment re: Ogden rate
Frenkel Topping, the specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, notes the statement from the Lord Chancellor to lay a Statutory Instrument in Parliament to change the discount rate applicable to personal injury lump sum compensation payments ("Ogden Rate"), to minus 0.25%.
As previously indicated at the Company's Final results in April 2019, the change in the Ogden rate is not predicted to have a significant impact on Frenkel Topping. The Company views the change as an opportunity for potential clients and solicitors to seek its expertise.
Richard Fraser, Chief Executive Officer of Frenkel Topping said:
"We acknowledge today's announcement from the Lord Chancellor, setting the discount rate at a level which recognises that claimants should receive appropriate amounts of compensation, particularly in a low interest rate market. Our conservative investment approach means we are well-positioned to provide for clients who require more specialist care and advice."
Mark Holt, Managing Director of Frenkel Topping said:
"So many of our clients who have suffered life-changing injuries are low risk investors who are in financial drawdown from the moment they receive their compensation, and we reiterated this point with the Ministry of Justice during the consultation process. Our clients remain at the very heart of everything we do and we have an important role to play in ensuring their money is invested appropriately and that it lasts a lifetime."
For further information:
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Frenkel Topping Group plc |
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Richard Fraser, Chief Executive Officer |
Tel: 0161 886 8000 |
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finnCap Ltd |
Tel: 020 7220 0500 |
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Carl Holmes/James Thompson (Corporate Finance) Tim Redfern / Richard Chambers (ECM) |
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TB Cardew |
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Tom Allison Shan Shan Willenbrock Olivia Rosser
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0207 930 0777
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About Frenkel Topping: www.frenkeltopping.co.uk
Frenkel Topping provides specialist independent financial advice focussed on asset protection for clients. The specialist independent financial adviser has a market leading position providing advice and fund management services for personal injury and clinical negligence awards and is well placed to provide services to a wider customer base.
The Company provides a range of wealth management services including bespoke investment portfolios, personal and corporate financial advice and tax planning. It is focused on increasing its assets under management by continued growth of the business by an increase in the number of highly qualified fee earners for the provision of its industry leading specialisms.
It has a national presence with offices in Manchester, Birmingham, Cardiff and London and has relationships and infrastructure in place to further grow its reach and target markets.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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