UK Money News
5th February 2008
More simplification of Isas is needed, says Alliance & Leicester'
Further simplification of individual savings accounts (Isas) is required to make them more popular with consumers, it has been claimed.
As of April 6th this year new government regulations will come into force which are intended to clarify the terms and conditions of Isas.
However, according to Ewan Edwards, head of savings at Alliance & Leicester, the moves will not sufficiently increase the appeal of the accounts and greater simplification is required.
Among Mr Edwards’ recommendations was the introduction of a new annual allowance, which is easy to remember and stays the same for a number of years.
More people would also consider the plans if the terms were changed to allow people greater flexibility over withdrawals without damaging their deposit allowance, he said.
Mr Edwards explained: "While the changes due in April this year are certainly steps in the right direction, we believe there are still issues that need to be addressed.
"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."
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