- Only 8% of IFAs have seen an increase in their clients paying into Isas since rules changed
- Majority of IFAs (87%) have not seen any change in behaviour among their clients
In one of the biggest shake-ups of Isa rules in recent years, and in a bid to encourage competition and boost rates, earlier this year the government allowed savers to pay into more than one of each type of Isa annually.
However, new research conducted among UK IFAs by global research and insights agency Opinium reveals that less than one in ten (8%) have seen an increase in their clients paying into Isas since the rule was implemented.
The majority of IFAs (87%) report that there has been no change in terms of their clients paying into Isas in this period.
Alexa Nightingale, Global Head of Financial Services research at Opinium commented: “The change in Isa rules came into force in April this year, but appears to have made little impact on savers’ behaviour. It was hoped that they would feel empowered to seek out the best returns by allowing them to easily move between different providers. With interest rates finally beginning to fall, advisers will likely encourage clients to seek the best returns possible, so we may see more of an uptick in people paying into multiple Isas as the year goes on.”