Age Concern Isa causes concern

By THIS IS MONEY
Updated:

 

Age Concern Financial Partnership, the arm of the charity for the elderly, has stopped marketing its Isa after poor performance results and a cut in the income paid to its investors.

Age Concern has been advertising its Isa called Age Concern Monthly Income Plus for two years and 1,500 investors now hold the product. CGNU manages the product which has seen disastrous performance in the last 12 months.

The fund, worse than any equivalent fund, has lost investors almost a tenth of their capital in a year. And payouts from the Isa have also been cut by a fifth.

Now, Age Concern Financial Partnership, a profit-making body whose proceeds go the Age Concern charity, is considering what alternatives it can present to investors who took up its Isa offer. It has received many calls from concerned customers.

Age Concern says it will contact customers once it has looked into possible alternatives - one possibility is to switch to another fund run by CGNU, but managed by a different team. However, IFAs are recommending investors look at other Isa products altogether.

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