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Isa confusion still rife

Isa confusion is still rife with 20 per cent of investors totally clueless about what type of Isa they have bought.

The Gavin Anderson & Company Investment Funds Survey reveals that despite the confusion there is a significant uptake of Isas, with 26 per cent of those surveyed saying they have already invested in one.

The encouraging start to Isas is further underlined by the fact 36 per cent of the survey say they are likely to invest in the future.

The survey reveals further doom and gloom for IFAs with 47 per cent of those with Isas choosing to buy it through their bank or building society. While only 26 per cent chose a specialist unit trust company.

But, there is a potential glimmer of hope for IFAs with almost 70 per cent saying they chose to invest in a company where they have an existing Pep or unit trust.

While 48 per cent of those looking to invest say they would favour a specialist unit trust company.

Gavin Anderson & Company director Brenda Bates says: &#34The survey proves although there is a real appetite for tax efficient savings, there is an enormous amount of confusion when it comes to understanding the different types of Isa available.&#34

Investor were found to be optimistic about the future for unit trusts with 65 per cent saying they are confident about growth prospects.

But the company says this bullishness is tempered by caution remaining over last years stockmarket knocks and the confusion surrounding Isa as a replacement for Peps.


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