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Saga enters discount broker market

Over-50s holiday, publishing and financial services group Saga is entering the discount broker market.

Saga, which already has an IFA, will offer cut-price equity Isas from all the UK&#39s fund providers. The service, which started this week, will be targeted at Saga&#39s core over-50s market and will discount 3 per cent from the initial charge of any equity fund Isa.

Saga has also negotiated special terms with eight of the UK&#39s top providers – Aberdeen, Fidelity, Newton, Henderson, Credit Suisse, Invesco Perpetual and ABN Amro – with initial charges on their funds discounted – some down to zero.

The special discounts will initially only apply until April 30, after which they will be reviewed.

Saga Services managing director Andrew Goodsell says: “It is important for people aged 50 and over to make the most of their tax-free Isa allowance before the end of the tax year to ensure they do not lose it. Saga offers a wide range of services, and an Isa broking service is a natural progression.”

HCF Partnership partner Richard Craven says: “I think there have been about two Isas sold this year and we sold one of them. I think they will struggle in the short term but good luck to them.”

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