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Consumers ‘confused’ by Isas

February 7, 2008 by admin  
Filed under News, News-Banking

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Over 40 per cent of consumers do not know what the current limit is on their Isa according to research from financial experts.

Findings from the Alliance & Leicester also revealed that almost 80 per cent of do not know what the maximum limit is for equity Isas.

Ewan Edwards, head of savings at Alliance & Leicester, said that the study shows that, with the new rules surrounding Isas arriving in April, many consumers are still confused by the current regulations in place.

“We feel that more could be done to communicate the basic principles and benefits of Isas, so that everyone is clear about how they work and how to get the most out of them,” he added.

The “structure must be more straightforward” if they are to appeal more to the man on the street, he concluded.

According to Moneyfacts.co.uk, changes to Isas from April 6th involve increasing the the annual contribution to £7,200 while the maximum cash element is also set to increase from £3,000 to £3,600.

Tags: bank of england, maximum limit, leicester, ISAs, edwards, equity, ISA

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