Broker launches survey to lobby for Isa rule change

Discount Broker and IFA Torquil Clark is using the internet to pull together an Isa survey.

The group, carrying the project out in conjunction with online news service UKiNvest, wants to use the results to pressure the Government into simplifying the Isa structure.

The survey asks seven questions: Did you buy an Isa? Do you have both mini and maxi? Did you invest in Peps and/or Tessas? How do you rate the product? Are the rules too complicated? Are the maximum amounts too much or too little? Are the Cat standard marks helpful?

Mike Attree, e-commerce manager at Torquil Clark, said: "The Government's original comment was that it would give Isas 12 months to bed in and then it would look to see if there was anything that needed changing. April has passed and it seems to want to drop the idea because we have heard nothing more."

Attree said the survey will reveal widespread evidence of the confusion caused by Isas, even though any investors answering online would represent some of the UK's more sophisticated investors.

Torquil Clark believes the maxi and mini distinction should be scrapped in favour of a split between cash and equity-style investments, with transfers between different Isa types allowed.

Attree added: "The introduction of Isas was a political move by the Government to stamp its mark on the investment industry, and I just hope that it does not feel that it would be losing face by making changes."

A spokesman for the Treasury said that the promise to look at how Isas had performed had not been forgotten, but that data from the first year had yet to be analysed. He said: "We made it clear that the Isa rules would be fixed for five years so that is not up for review. However, we have said that we will look at the way in which the Isa system is working in the market and if there are ways to improve its operation, we will consider any minor changes."

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