Investors enticed by 'substantial allowance increase'

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Investors enticed by 'substantial allowance increase'

The Fair Investment Company has suggested that more and more people are applying for Isas because they are seeing how such products can become increasingly significant in their savings strategies.

These views follow a survey by the firm, which found that applications for Isas in the first three days of the tax year saw a 52 per cent year-on-year rise.

Nick Scarrett, head of investment and pensions at the organisation, described the change in the allowance offered to investors as "substantial", which may have been a factor in the higher take-up from April 6th to 9th 2010.

"There could be a number of reasons for this, but one of the main ones is likely to be the fact that the ISA allowance has been increased considerably - from £7,200 to £10,200," he commented.

Earlier this month, the firm advised people to invest in Isas sooner rather than later to ensure that they get the most return from their capital investment.

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