This morning AJ Bell announced their interim results. It is one of the UK’s largest investment platform operators and has been very successful at growing its customer base through having low charges and a simple user interface, particularly for SIPPs.
Customers grew by 7% in the platform business and overall revenue was up 37% with profits up 61%.
But the CEO has promoted the idea of simplifying the ISA regime. He says “Over the years a once simple product has fragmented into multiple versions with different rules and benefits. In proposals presented to the Chancellor, we have outlined a system which combines the many current versions into one ISA product that would be easy for people to understand and would encourage more investment”.
I am all in favour of that proposal. The financial world is complex enough and the different ISAs can potentially confuse and discourage new investors.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
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