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No Isa confusion, claims network

Isas are not proving too confusing for the public, according to IFA Network.


The network&#39s survey of 1,061 people found nearly a quarter said their


main reason for taking out an Isa was to build up capital, 19 per cent to


aid their retirement planning and 13 per cent to support their children in


the future.


IFA Network says these findings dispel the image that Isas are too complex.


But the Consumers&#39 Association warns that investors may fall foul of Isa


rules because of poor advice from advisers.


Due to the rush to sell Isas before the end of the tax year, the


Consumers&#39 Association fears IFAs are not taking the time to explain the


Isa rules adequately.


The association says the differences between mini and maxi Isas and how


much can be invested are not clear.


Which? principal researcher Teresa Fritz says: “The survey is quite


contrary to a lot of research done not just by us but by also a lot of


other people in the industry.


“To be perfectly honest, none of us are going to know until we know how


many people have gone over the limit without knowing it.”


An IFA Network spokesman says: “Our view is that the Isa is actually quite


straightforward. For a number of consumers, especially those who take out a


cash product, Isas are very sound.”

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