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Isas off to slow start

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: &#34No one took any notice really. We are still shell shocked after Peps, but there are one or two applications going through.

&#34We are advising customers to wait and see what comes out on the market.&#34


Northern Rock unveils Isas

Northern Rock has launched two variable rate Isas.Both its mini cash Isa and Tessa only Isa will pay an interest rate of 5.75 per cent.The rates are guaranteed to be at least the equivalent of the Bank of England base rate until January 1, 2000. They will then adhere to the Cat standard limit of […]

Glasgow gets backing for share ownership

Glasgow Investment Managers is set to become majority owned by its own staff.It has gained approval for staff to increase shareholdings within the company up to a maximum of 50.1 per cent.The agreement with its controlling shareholders Shires Income plc, allows for this provision if certain profit objectives are met.The provision is intended to enable […]


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