Over the past six months, EBS has been rethinking its product and service strategies and has just made several changes.

EBS Asset Managers has relaunched its Summit Personal Investment Plan (PIP) with a revised charging structure. The plan now charges a fixed administration charge of £2 (€2.54) per month, regardless of the amount of the monthly contribution. A yearly 1.4 per cent management charge and taxes are then paid from the remaining contribution balance by the fund.

The old Summit's minimum premium was £20 a month, with a management charge of 4.5 per cent of the monthly contribution plus a £1 administration fee.

Under the new pricing structure, a contribution of £50 per month is charged £1.25 a month less than before.

The Summit PIP is a conservatively managed fund with a high weighting in fixed income and cash. Previously, the PIP has done in excess of 12 per cent net of tax per annum but future returns are unlikely to be as high says an EBS spokesman. EBS recommends that customers look at Summit as a seven-year plus investment.

EBS has discontinued its very competitive foreign exchange service at the head office in Westmoreland Street. The service charged commission of just 1 per cent up to the value of £500 for travellers' cheques and a limited number of foreign denominations. The service was only available in Westmoreland Street and was among those being reviewed when it was mentioned in Family Money in June. A disappointed reader called to let us know it was no longer on offer.

EBS spokesman, Mr Pat Farrell, says foreign exchange was for the convenience of customers and was not a core service. "We initially signalled that we were reviewing the service in February." The advent of the euro and its small volumes for foreign exchange contributed to its decision.