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AWD says Government Isa stance is duplicitous

AWD Chase de Vere has accused the Government of being duplicitous in allowing one-way transfers of Isa cash into equity and other Isa vehicles from April 2008 but not allowing people to move back to cash Isas if circumstances dictate.

It is warning savers in cash Isas that moving all their cash into equity Isas could prove to be a disaster if markets are at their peak and their circumstances do not suit such a move.

The adviser suggests It says that some savers could have more than £45,000 in cash including that built up in Tessas, cash Isas and allowing for reasonable rate of return.

AWD Chase de Vere investments manager Anna Bowes says: “The danger of allowing the transfer out of cash is that people are far more likely to take advantage when stockmarkets are high, rather than when things have taken a tumble. Basically, even though this option has been introduced, we feel that for the majority of investors it would be a terrible idea to utilise it. If they feel they have built up too much cash over the years it would be wise to seek independent financial advice before they switch.”

The adviser argues that there really is no clear message in these rules. Bowe says “ On the one hand the Government appears to be being really generous by increasing the popular cash Isa allowance by 20 per cent. However by allowing people to switch out of their cash Isas into stocks and shares, but not back again smacks of a ploy to reduce overall cash holdings in Isas, as they have a vested interest in seeing this happen.”


All change

Rumours are hotting up as to who will replace Stephen Leaman at Openwork, with several names in the running.

Adequacy change will force out Small IFAs

It is unfortunate that the FSA takes a view that the small IFA does not provide good advice, sells all policies on commission and does not offer fee-based advice. I have been in this industry since 1983 and have a substantial number of satisfied and wealthy clients. Some pay fees and some do not. Many […]

Bank of England maintains rate at 5.75 per cent

The Bank of England has announced that interest rates are to remain unchanged at 5.75 per cent.The BoE was widely expected to maintain the current rate after raising it from 5.5 per cent last month.Savills Private Finance says the decision is a correct one and the BoE needs to maintain a “wait and see” attitude […]

Creative Duce is flowing at CSAM

Chris Salih examines how the new co-heads of multi-manager are putting the zest back in Credit Suisse’s range, starting by squeezing out its regional funds

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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