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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.”

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