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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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IFAs fear life office powers in ABI scheme

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