Jan 3 2007
Net sales of individual savings accounts (Isas) in November were in minus figures, as the numbers of people cashing in funds from their accounts resulted in a negative net result.
The Investment Management Association (IMA) reports that net sales of Isas in November were -£3.1 million, compared to positive sales of £79 million in the same month in 2005.
It also noted drops in net industry sales and net retail sales compared to the previous year's figures.
However, Sheila Nicoll, deputy chief executive of the IMA, said: "Despite sales of investment funds dipping to the lowest levels for four months in November, net retail sales for 2006 are still on track to reach one of the best years on record."
In response to these figures, F&C urged the government to offer further encouragement to members of the public wanting to save in Isas, such as those putting away savings for their children.
The company has requested that the Treasury increase the current level of the fund, which has stayed static at £7,000 since its inception.
