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ISA sales up 21 per cent over March 2003

Net ISA sales in March were more than double February&#39s level at £496 million — 21 per cent higher than March 2003, the latest figures from the Investment Management Association have shown.

Additionally, net ISA sales April 1 to April 5 were £247 million, which bought net ISA sales for the 2003/04 tax year to £3.6 billion compared to £4.1 billion for 2002/03.

Once more advisers were overall the most popular channel for distribution with 67 per cent of gross retail sales. However sales forces and tied agents were the most popular distributors of ISAs. They accounted for 36 per cent of gross ISA sales, whereas intermediaries accounted for 31 per cent. ISA sales direct from the public accounted 30 per cent.

However, this means sales force/tied agents have lost market share as last year they accounted for almost half of gross ISA sales at 49 per cent.

IMA chief executive Richard Saunders says: “ISA sales in March were stronger than last year, though still well below their peak in 2000. Investors have been returning to funds since the middle of last year, and to equities over the last six months. That trend is continuing.”


Watchdog calling for clarity on protection

Some reviewable whole-of-life product literature does not make clear that the premium is not fixed for the term and could change, says insurance ombudsman Reidy Flynn. Speaking at the Developing Next Generation Protection & Health Insurance Products conference organised by Marketing Week in London last week, Flynn said she was shocked when one insurer tried […]

Forsyth doubles up on fund of funds

Forsyth Partners has added the Forsyth European bond fund and the Forsyth United Kingdom funds to its Dublin-listed Oeic range. Both funds aim for growth and are managed on a fund of funds basis. The Forsyth United Kingdom fund invests in open-ended investment funds that in turn invest in UK equities. The fund can also […]

IFA offering VIP advice service for monthly fee

IFA Warwick Financial Services is offering a VIP service for clients with a monthly fee. The move is part of plans for the firm to move to a fee-based structure. Warwick will offer the service for £12 a month for single membership and £15 a month for joint membership. The service will be open to […]

Leave FPC alone, says CII

The CII has urged the Financial Services Skills Council to leave the standard of the FPC alone, saying that it remains relevant to the needs of today&#39s market. In its response to the Skills Council&#39s consultation on the exam regime, which closed last week, CII director general Dr Sandy Scott says there is no need […]

Identifying best-in-class UK stocks — Mark Martin, Neptune UK Opportunities Fund

FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:

– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations


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