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Investments News
Further simplification of Isas 'is needed' - 07/06/2007
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Individual savings accounts (Isa) need to be easier to understand, according to one price comparison website.
David Kuo, head of personal finance at Fool.co.uk, has said that more must be done by the government to help consumers understand Isas and tax-free saving.
"The government must accept some responsibility for failing to inform savers properly," the expert urged.
"Currently, only around a third of the eligible population has Isas," Mr Kuo explained, suggesting that to "bring the tax-free benefits of Isas to the wider public more needs to be done to improve what should be an easy-to-understand product".
He was speaking after research from the consumer group found that one in five Britons believe that couples can open a joint Isa and a further one in ten think all cash Isa deals are the same.
The Investment Management Association recently predicted that the popularity of ethical Isas is set to grow in the future.
© Adfero
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