Frenkel Topping Group Plc (LON:FEN), the specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, today noted 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.”