Dec 7 2006
Financial advisers have backed the confirmation of the restructuring of the individual savings account (Isa) system in this week's pre-Budget report, it has been claimed, though most have also called for an increase in the maximum annual saving limit.
Fidelity International has backed the move to make the Isas permanent and also welcomed the dissolution of the distinction between mini and maxi accounts.
It also supported the move to allow investors to roll over existing cash Isas into equity Isas without their annual limit being exceeded.
Richard Wastcoat, UK managing director of Fidelity International, said: "We have canvassed opinion among financial advisers and the clear message is that while they support the changes, they are in agreement with us in that the government needs to increase the annual limit."
He added that Isas had a "vital role" in fostering a savings culture in the UK and that the government had a role to play in making the accounts both simple to understand and effective.
The Pep and Isa Management Association also supported the changes announced this week, describing them as "welcome news" for savers.
