ISA sales plummet 43% in June

The latest IMA figures show last month’s ISA sales were also 20% down on May 2007. IMA chief executive Richard Saunders says he is confused by this low result. “Investment in ISAs continues to be at a modest level, which is puzzling given the buoyancy of industry sales in the last two years,” he says. “It is to be hoped that the recently published reforms to ISAs from next April will help to revitalise the product." Net retail sales also fell considerably compared to the previous year, down from £1.1bn in June 2006, to £767m. UK All Companies was the most popular sector, with 18%...