Sales of Isas through IFAs have got off to a very slow start, following the Pep bonanza of the last few months.
The new savings account appears to be suffering from a post Pep hangover. Reported sales on April 6, 1999 their first day has been slow, Fidelity Investments who had just broken their own record with Pep sales of £800m, say they have completed just 20 new Isa plans.
Chelsea Financial Services managing director Janice Thompson claims to have sold just a handful of Isas compared to hundreds of Peps on the same day last year.
Hargreaves Lansdown chairman Stephen lansdown says: "No one took any notice really. We are still shell shocked after Peps, but there are one or two applications going through.
"We are advising customers to wait and see what comes out on the market."