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Sainsbury stocks up on Sandler

Sainsbury&#39s Bank is using the Sandler product proposals as a springboard to enter the investment market with the launch of two equity-based Isas.

The bank, which is backed by the Bank of Scotland, says supermarkets are well placed to achieve Sandler&#39s goals of reaching consumers who are not saving because they feel disconnected from the financial services industry.

It predicts that “off-theshelf products are well positioned to take a significant share of the investment market in the future”.

It is offering an Isa tracking the FTSE 100 and an income Isa with targeted returns of 5.75 per cent a year. Both have 1 per cent annual charges and no initial charges.

Recent research from Sainsbury&#39s revealed 54 per cent of the adult population would consider buying an investment product from a supermarket if they had low charges and were easy to understand and buy.

Sainsbury&#39s Bank chief executive Tim Pile says: “We support the main recommendations made in the recent Sandler review for products which are easy to understand and purchase which have low charges. Our new range of investment products meets these requirements and they will form the cornerstone of our ambition to take full advantage of a new investment era based around greater transparency.”

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