Meteor relaunches Protected FTSE plan

Meteor Asset Management has reissued its Protected FTSE plan.

Based on the performance of the FTSE 100, the six year plan offers a 45% return provided the index is at or above its opening level at maturity. Capital is 100% protected regardless of the index performance.

Royal Bank of Scotland serves as the counterparty for the plan.

Meteor managing director Graham Devile says: "Our first version of this plan proved very popular, possibly due to the fact for the FTSE100 to show a greater return than this product, it would have to close at a final level in excess of 8,000, roughly 15% above its all time high.

"In the meantime, this plan offers 100% capital protection and the prospect of a strong return so long as the market has not regressed. As a result, a number of advisers see this type of product as a good defensive approach to investing in the FTSE100, in the current investment climate."

The plan is open for investment until 27 April 2010, set at a minimum of £10,000 directly or £7,200 for ISAs. It is available for investment through an ISA, SIPP and SSAS, with commission at 3%.