SSIA savers warned to read correspondence carefully

The Financial Regulator has warned SSIA savers to carefully read all letters and forms they receive from their account providers before signing anything as the maturity date for the first accounts approaches.

The Financial Regulator is reviewing a sample of SSIA documents sent by financial institutions to their customers to see that they are clear and transparent.

Consumer Director Mary O'Dea said: "Some SSIA account holders have already received letters and forms from their SSIA provider. Savers need to sign and return a document called an SSIA4 form but they do not need to sign any other form committing to a new savings or investments scheme."

The SSIA4 form is a declaration, required by the Revenue Commissioners, to say that savers have complied with the terms of the SSIA savings scheme. It will be sent to every SSIA saver by their provider up to three months before their account matures and will be clearly marked with the Revenue logo.