When PEPs were first introduced in the late 1980s most advisers grasped the concept, but consumers certainly did not.
This was a very different time, when the concept of Unit Linked Investment was only just beginning to take off, post privatisation issues. I distinctly remember that clients were very reluctant to invest until the point that you explained to them that they could only have one PEP per year, at which point they couldn’t invest quick enough! The limitation of supply is a very powerful sales tool, it has worked for years with Friendly Society Savings Plans (mostly very poor performing products) and latterly it has worked well with ISAs. So, it is not surprising that the sales of ISAs have h...
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