Pick of the Pundits: Experts on the different aspects of personal finance talk to Vivien Goldsmith and Maria Scott about the prospects for 1993 as signs of recovery grow firmer: Gillian Mainds

Gillian Mainds, of Fiona Price & Partners, says that people interested in the Business Expansion Scheme (BES) have two bites at the BES cherry next year - up to pounds 40,000 can be invested in these schemes before April, and then again after April. But the whole scheme is due to judder to a halt at the end of 1993.

'If people can take a long view, then it might be worth moving into equities as long as they are actively managed. But I still think it is worth having some investment in PIBS (Permanent Interest Bearing Securities) issued by building societies, which can still yield 10 per cent gross. We are holding back on National Savings. My hunch is that the Government is not going to pull in enough money, and might have to come in with fresh offers at more attractive rates.

'We have begun to detect the glimmeringsof movement in the housing market. We have tended not to use endowments, but of course existing endowments are left in place. We prefer a more flexible approach with a combination of savings including personal equity plans. Using whole-of-life assurance rather than term assurance, which just covers the span of the loan, can be cheaper and more flexible.'

(Photograph omitted)