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Late show in full swing as March Isa sales leap

The UK “faces another Isa gold rush”, with 2.7 million people set to take out an investment Isa before the end of the tax year, according to Egg.

It says its research between March 19 and 21 reveals that up to 6 per cent of the adult population plan to put money in a stocks and shares Isa by April 5.

Egg claims the survey of 1,014 people supports its own figures which show sales of Isas jumped by 47 per cent in the first three weeks of March compared with the same period in February.

The survey also found despite the FSA&#39s omitting performance in its comparative tables, this is the second most important factor for consumers when choosing an Isa, with 65 per cent saying it is very important or important.

Reputation of the investment company is the key deciding factor for 72 per cent and the reputation of the fund manager is third, according to 63 per cent of those surveyed.

Consumers are failing to get the best deal, with only 21 per cent going to an IFA, discount broker or fund supermarket. Egg head of investment products Rob Hudson says: “One of the most surprising statistics is the majority of investors are apathetic on where they buy their Isas, with 61 per cent going through bancassurers and building societies despite limited choice.”

Hargreaves Lansdown head of research Mark Dampier says: “We have done our own client surveys which show quite a few people are intending to take out an Isa. Many are leaving it until quite late and I would not be surprised if there was a last-minute rush.”


Split-cap fund firms in move to cut fees

Some of the most distressed split-cap trusts moved to put the brakes on the crisis this week by cutting or waiving their annual fees.The move comes in response to AITC director general Daniel Godfrey&#39s letter to split trust chairmen this month, suggesting that trusts try to cut costs to stem the problems.Aberdeen Asset Management led […]

Commonwealth sells off New World to West Brom

Commonwealth Bank of Australia is pulling out of the UK residential mortgage market after just over a year and is selling its NewWorld business to West Bromwich Building Society.The bank says after reviewing development opportunities in the UK it has decided to concentrate on fund management, under the First State Investment brand, and institutional banking.NewWorld […]

Dresdner goes through a phase

DRESDNER RCM GILT TO EQUITY ISA Type: Unit trust and Oeic maxi Isa Aim: Income and growth by investing initially in the gilt yield trust, and then in the UK equity fund or UK equity income trust Minimum investment: £7,000 Maximum investment: £7,000 Catmarked: No Investment choice: Gilt yield trust and then choice of UK […]

Mercantile Building Society three-year discount

Mercantile Building Society three-year discount Type: DiscountedDiscounted term: Three yearsDiscount: 1.45%Payable rate: 4.39%Minimum loan: £25,000Maximum loan: £250,000Income multiples: 4 x higher plus 1, or 2.75 x joint up to 50% LTV; 3.5 x higher plus 1, or 2.75 x joint up to 75%; 3.25 x higher plus 1, or 2.5 x joint up to 90% […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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