Feb 14 2008
People looking to invest in individual savings accounts (Isas) have been warned not to base their policy decisions entirely on the strength of introductory offers.
Adrian Lowcock, senior investment advisor for Bestinvest, has suggested that consumers, whether they are saving for children or for retirement, should familiarise themselves with the details of any Isa they decide to open.
One of the problems that Isa investors could experience if they chose a policy because of an introductory offer is that they will be unaware of the track record of the manager of their funds, Mr Lowcock has claimed.
"We tend to recommend fund managers that have a proven track record," he said. "You have to be a bit wary of them and know what you are getting into."
According to official figures from HM Revenues and Customs, there is now more than £220 billion invested in Isas in the UK, with much of this cash being ear-marked for British children as they grow older.
