Brokers warn of SSIA discontent

THE Professional Insurance Brokers’ Association (PIBA), Ireland’s largest group of independent brokers, has warned of the discontent among SSIA holders when divergent returns begin to emerge between savers.

“The 10% of savers who invested through independent financial advisers will see a far greater return on their investment than the 90% of savers who invested in low-yielding bank savings accounts,” new PIBA chairman Liam Carberry at the body’s AGM yesterday.

“A saver with the maximum SSIA of €254 a month will generally receive about €26,101 before tax while a bank saver with the same amount invested will generally receive €21,140 before tax,” he said.