Wraps are largest ISA fund distributor

According to the IMA, in 2006 38pc of gross ISA sales were through fund supermarkets, a rise of 8pc on the previous year and one that sees them overtake tied agents as the main distributor of the investments. Richard Saunders, IMA chief executive, described the findings as "a very significant change in distribution". "Banks have always been very strong in this area and have led the way for the last five years," he said. "But, in 2006, we have seen a change." Platform providers have hailed the development as proof wrap and fund supermarkets are the future of product distribution. ...