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“Duplicitous” Isa reforms risk damaging consumers, warns AWD Chase de Vere

AWD Chase de Vere has warned the Government is being “duplicitous” with its current Isa reforms and risks massive consumer detriment by not allowing a switch back from shares to cash.

AWD Chase de Vere investments manager Anna Bowes says the danger in the reforms, which were laid down last week, is that people are much more likely to take advantage of the move from cash to shares when the markets are high.

She says for the majority of investors it would be a “terrible idea” to utilise the switching option and those that believe they have built up too much cash should seek advice before making a decision.

She says the changes to allow the switch from cash to shares but not the other way “smacks of a ploy to actually reduce overall cash holdings in Isas, as they have a vested interest in seeing this happen”.

Bowes says: “We feel the Government is being duplicitous by allowing investors to switch from cash into stocks and shares, but not to switch back at a later dated if required. There is really no clear message with these new rules.

“The danger of allowing the transfer out of cash is that people are far more likely to take advantage when stockmarkets are at a 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 – however if they feel they have built up too much cash over the years, it would be wise to seek independent financial advice before making the switch”


Swuf scraps move to regain property fund from Laidlaw

Scottish Widows Unit Funds has abandoned its plans to regain the £400m UK balanced property trust from former property head Tom Laidlaw’s start up boutique Cordatus Capital Partners.Swuf postponed this week’s EGM to discuss the future of the trust, which would have seen shareholders vote on proposed plans to break up the current board, with […]

EU ‘fought hard’ for FSA to scrap menu

The European Commission “fought hard” to force the FSA to scrap the menu and IDD, Money Marketing can reveal.The FSA has always maintained that its decision to drop the menu and IDD in May was based purely on its own research which found that the documents had not achieved their objectives and that it had […]

Edeus homes in on buy to lets

Edeus has launched two semi-exclusive buy-to-let deals with 10 intermediary partners.The products, set up last week, track bank base rate for two years and come with a rental income cover requirement of just 100 per cent.They will be available to brokers at Fuel, Openwork, Sesame, Positive Solutions, Intrinsic, Tenet Group, Minel, The Money Centre, Home […]


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