The winners of the FT/ABN Amro competition to dream up “the financial product or service of the future” were presented with their prizes at the FT’s offices this week. Philip Davies, a retired head of IT from Exeter, received a cheque for £5,000 for his winning entry, the “Roundup Savings and Investment Account”.

His idea caught the attention of judges who felt its simplicity would make it easily understood by consumers. Under his proposal, shoppers would be offered the option to round up their bills at participating retail outlets such as supermarkets with additional payments channelled straight into an investment or savings account, depending on their choice.

Davies said he would be spending some of his prize money at upmarket hairdressers as he had promised his daughters that if he won the top prize he would treat them all to new hairstyles.

Philip Ralli, a 54-year-old book publisher from Surrey, received a cheque for £3,000 for his entry a “Retirement Tontine”, designed as a transparent alternative to annuities for pension investors.

Stuart Wilson, managing director of a graphic design consultancy based in Derbyshire, won a cheque for £2,000 for his “Community Stakeholder Fund” designed to provide insurance and other services to small communities.

Highly commended were: Daniel Holden for “The Finance Hub”, Paul Ogden for “Negative Equity Protection Mortgage” and Simeon Willis for “Property Ladder Accumulator Fund”.

The awards were presented by Julian Hide, global head of products at ABN Amro Asset Management.