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Autif wants Isa transfer

Autif is calling for savers to be allowed to convert their existing cash Isas into equity Isas.

The cash Isa, which hasan upper limit of £3,000, attracted £11bn in its first year to April 2000.

Autif director of communications Anne McMeehan would like to see transfers to give savers access to higher returns once they have built up a pot of money.

She is also calling for the abolition of the Isa insurance component, saying it is misunderstood and not popular. She says the most confusing aspect is between maxi and mini Isas but it would be foolish of the Government to dispatch the mini Isa summarily.

McMeehan argues that while cash Isas build up over time, equity-based funds offer the potential for much greater growth than cash Isas.

She believes if people were allowed to transfer all or some of their Isa savings into equities over the long term, more would be encouraged to save.

McMeehan says: “It would be simplest to reduce Isas to either cash or equities. The Government recognises that people have to save for the long term. Savings that are more equity-orientated are more likely to accumulatebetter returns.”

A Treasury spokesman says: “We will be looking at all possible changes that might be required in light of the research that will be presented shortly. We will listen to all interested voices.”

LeggMason Investors is offering IFAs the chance to win front-row seats at the British Grand Prix to celebrate the fifth birthday of its UK income and growth funds.

The company is sponsoring the Jordan Formula One team and the prizes will be offered to IFAs attending its latest roadshows. The shows start in London on November 1 and close in Newbury on November 17. Other venues include Edinburgh, Manchester, Leeds, Brighton and Bournemouth.

A teleconference on the two funds will be held on November 23, where IFAs can enter a draw for a grand prix ticket.

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