ISAs UK September 2013:Industry Analysis Report

ISAs - UK - September 2013
There is huge potential to increase the take-up of ISAs, given that many more people hold cash and
investments than hold one of these tax wrappers. A low central base rate should encourage more savers to look
favourably upon cash ISAs, which tend to offer better returns than their non-tax-exempt cousins, while the
recent improvement in the stock market could tempt more retail investors back to the equity market, in turn
boosting net sales of equity ISAs.
table Of Content
introduction
product Definitions
abbreviations
executive Summary
the Market
the Market Should Continue To Grow, Boosted By Increases In The Annual Allowance
figure 1: Forecast Of Total Adult Isa Subscriptions, At Current Prices – Fan Chart, 2007/08-2017/18
sub-sector Performance
value Of Isa Assets Continues To Grow
market Factors
tough Savings Environment
measly Returns On Cash
low Risk Tolerance Inhibits Growth In The Equity Isa Sector
recent Market Developments
companies, Brands And Innovation
lack Of Incentive To Innovate
leading Isa Providers
online Account Management Has Become The Favoured Channel For Cash Isa Holders
figure 2: Channel Most Used To Access Cash Isa, January 2013
fund Platforms Responsible For The Lion’s Share Of Equity Isa Sales
figure 3: Gross Retail Isa Oeic And Unit Trust Sales, By Distribution Channel, 2012/13
isa Providers Cut Back On Adspend
the Consumer
more Than Three Times As Many Hold A Cash Isa As Hold An Equity Isa
figure 4: Ownership Of Isas And Other Common Savings And Investments, June 2013
saving Ability Under Pressure
figure 5: Current Level Of Saving Activity, June 2013

strong Public Support For Isa Allowance Parity
figure 6: Agreement With Statements About The Annual Isa Limits And The Wider Saving And Investment
Environment, June 2013
future Isa Investment Intentions
what We Think
issues In The Market
what Is The Size Of The Isa Gap?
how Is The Wider Savings Environment Impacting On The Market?
how Much Customer Churn Is There?
what Proportion Of Savers Believe Now Is A Good Time To Invest In Equity?
to What Extent Are People Able To Save?
what Proportion Of Isa Customers Use Their Whole Isa Allowance?
and What Support Is There For Parity Between Cash And Equity Isas?
trend Application
trend: Life Hacking
trend: Prove It
mintel’s Futures: Old Gold
market Drivers
key Points
isa Limits Raised, But By Less Than Half The Amount In The Previous Tax Year
aim Shares Added To The List Of Eligible Investments For Isas
government Consults On Allowing Ctf To Junior Isa Transfers
savers Continue To Lose Out From A Low Base Rate And Above-target Inflation
figure 7: Average Annual Changes In The Bank Of England Base Rate, Cpi And Rpi – Uk, 2004-13
cash Isas Offer Better Rates Of Return Than Their Taxable Equivalents
figure 8: Average Monthly Quoted Cash Deposit And Isa Interest Rates, January 2008-june 2013
cash Isa Rates Have Fallen Since The Introduction Of The Fls
figure 9: Average Monthly Quoted Cash Isa (variable) Rate, January 2011-june 2013
assessing The Tax Benefit Of Isas For Equity Investors
more Taxpayers Are Drawn Into The Higher Tax Bracket
figure 10: Number Of Basic And Higher-rate Taxpayers, 2010/11-2013/14
relatively Stable Saving Ratio
figure 11: Gross Household Saving And Annual Saving Ratio, Seasonally Adjusted And At Current Prices,
2001-12
retail Deposits Grew Modestly In 2012
figure 12: Retail Savings Balances, By Sector, 2003-12
saving Confidence Continues To Deteriorate

figure 13: Saving And Spending Confidence, June 2004-june 2013
demand For Isas Has Fallen Over The Past Year
figure 14: Isa Intentions Versus Pension Intentions, Q3/q4 2002-q2/q3 2013
improved Stockmarket Performance…
figure 15: Ftse 100, Ftse All Share And Ftse Aim All Share – Daily Index Movements, January
2006-july 2013
and Yet Demand For Investment Fund Isas Fell In The Previous Tax Year
figure 16: Net Retail Unit Trust/oeic Isa Sales, 2007/08-2012/13
outlook For Equity Investment
market Swot Analysis
figure 17: Isas – Strengths, Weaknesses, Opportunities And Threats, 2013
who’s Innovating?
key Points
reduced Product Choice And Incentive To Innovate
this Isa Season’s Main Product Launches – Get Them While You Can!
summer 2013 Launches
scottish Friendly Adopts A ‘new’ Approach In The Equity Isa Market
triodos Launches Two Sri Funds As Part Of Its Ethical Equity Isa
market Size And Forecast
key Points
recent Growth In Isa Subscriptions Driven By Hikes In The Annual Allowance
figure 18: Number Of Isas And Amounts Subscribed, 2005/06-2012/13
cash Isas Outnumber Stocks And Shares Isas By Four To One
figure 19: Number Of Isas And Amounts Subscribed, Segmented By Component Type, 2005/06-2012/13
disparity In Isa Limits Means The Average Amount Subscribed To An Equity Isa Is Much Higher Than A
Cash Isa
figure 20: Average Subscription Per Account, 2005/06-2012/13
introduction Of Junior Isas
steady Growth Trend Is Forecast To Continue
figure 21: Forecast Of Total Adult Isa Subscriptions, At Current Prices – Fan Chart, 2007/08-2017/18
figure 22: Forecast Of Total Adult Isa Subscriptions, 2012/13-2017/18
figure 23: Forecast Of New Adult Isa Business, By Component, At Current Prices, 2012/13-2017/18
forecast Methodology
fan Chart Explanation
value Of Isa Funds

key Points
£391 Billion Held In Adult Isas
figure 24: Value Of Funds Held In Adult Isas, By Type Of Investment, 2008-12
oeics And Unit Trusts Offer An Easy Way In To The Stock Market
market Share
key Points
halifax Is The Leading Brand In The Retail Savings Account Market
figure 25: Ranking Of Largest Providers Of Cash Isas And Other Savings Accounts, By Proportion Of
Customers, January 2013
building Societies Punch Above Their Weight In The Cash Isa Market…
figure 26: Cash Isa Balances, By Type Of Provider, June 2013
but Are Facing Mounting Pressure From Their Banking Rivals
provider Rankings Based On Overall Retail Savings Balances
figure 27: Providers’ Total Retail Savings Balances, Shown On A Group Basis – Uk, 2010-12
isa Fund Managers
two Lbg Subsidiaries Lead In The Equity Isa Market
figure 28: Top Ten Unit Trust/oeic Isa Providers, By Value Of Funds Under Management, 2011-13
companies And Products
lloyds Banking Group
description
ranking
distribution Mix
product Range
figure 29: Lloyds Banking Group Cash Isa Range, July 2013
figure 30: Lloyds Banking Group Investment Isa Product Range, July 2013
recent Financial Performance
figure 31: Key Annual Financial Data For Lloyds Banking Group, 2011 And 2012
brand Positioning And Strategy
recent Activity
santander
description
ranking
distribution Mix
product Range
figure 32: Santander’s Isa Product Range, July 2013
figure 33: Key Annual Financial Data For Santander Uk, 2011 And 2012
recent Activity

nationwide
description
ranking
distribution Mix
product Range
figure 34: Nationwide’s Isa Product Range, July 2013
figure 35: Key Financial Data For Nationwide Building Society, 2012 And 2013
recent Activity
fidelity
description
ranking
distribution Mix
product Range
figure 36: Fidelity’s Isa Product Range, July 2013
figure 37: Key Financial Data For Fil Investment Services (uk), 2011 And 2012
recent Activity
brand Communication And Promotion
key Points
sharp Fall In Isa Adspend
figure 38: Total Advertising Expenditure On Isas, By Component Type, 2009-13
significant Seasonal Variation In Isa Adspend Levels
figure 39: Average Monthly Adspend On Isas As A Percentage Of Annual Adspend, By Component Type,
2012
traditional Bank Brands Steal A March On Their Mutual And Former-mutual Rivals
figure 40: Top Ten Advertisers Of Cash Isas, 2011-13
fidelity Again Tops The Equity Isa Advertiser Rankings
figure 41: Top Ten Advertisers Of Stocks And Shares Isas, 2011-13
cash Isas Are Conducive To Television Advertising
figure 42: Proportional Distribution Of Isa Adspend, By Media Channel And Component Type, 2013
channels To Market
key Points
cash Isas Are Predominantly Sold Direct To Consumers
figure 43: Channel Most Used To Access Savings Account, By Type Of Account Held, January 2013
intermediaries Play A Dominant Role In The Sale Of Equity Isas
figure 44: Gross Retail Isa Oeic And Unit Trust Sales, By Distribution Channel, 2012/13

figure 45: Net Retail Isa Oeic And Unit Trust Sales, By Distribution Channel, 2007/08-2012/13
ownership Of Isas, Other Savings And Investments
key Points
survey Background
relatively Stable Isa Penetration
figure 46: Ownership Of Isas And Other Savings And Investments, June 2012 And June 2013
measuring The Isa Gap
figure 47: Ownership Of Isas And Other Savings And Investments – Cross-analysis, June 2013
saving Activity And Other Financial Priorities
key Points
many People Are Saving Less Now Than A Year Ago
figure 48: Agreement With Statements About Saving Activity And Other Financial Priorities, June 2013
isa Subscribers Are Generally In A Stronger Financial Position
figure 49: Agreement With Statements About Saving Activity And Other Financial Priorities, By Ownership
Of Isas, June 2013
isa Limits And The Saving Environment
key Points
strong Public Support For Isa Limit Parity
figure 50: Agreement With Statements About The Annual Isa Limits And The Saving And Investment
Environment, June 2013
equity Isa Holders Are More Bullish
Environment, By Isa Holders, June 2013
low Interest Rates Acting As A Disincentive To Save
Environment, By Saving Activity, June 2013
isa Contribution And Transfer Intentions
key Points
a Much Higher Proportion Of Cash Isa Holders Intend To Add To Their Savings Than Make A Withdrawal
figure 53: Isa Contribution And Transfer Intentions Over The Next 12 Months, By Type Of Isa Held, June
2013
one In Five Cash Isa Holders Are Planning A Transfer
equity Isa Holders Are Less Active Than Their Cash Counterparts
those Who Are Struggling To Save Are Likely To Make A Withdrawal
figure 54: Isa Contribution And Transfer Intentions Over The Next 12 Months, By Saving Activity, June

2013
attitudes Influence Investment Intentions
figure 55: Isa Contribution And Transfer Intentions Over The Next 12 Months, By Agreement With
Statements About The Saving/investment Environment, June 2013
appendix – Market Size And Forecast
total Market Forecast – Best- And Worst-case Scenarios
figure 56: Value Of New Adult Isa Subscriptions – Best- And Worst-case Scenarios, At Current
Prices, 2012/13-2017/18
market Forecast By Sector
figure 57: Value And Volume Of New Adult Isa Subscriptions, By Component, At Current Prices,
2007/08-2017/18
cash Component Forecast
figure 58: Forecast Of Cash Isa Subscriptions, At Current Prices – Fan Chart, 2007/08-2017/18
figure 59: Forecast Of Cash Isa Subscriptions, 2012/13-2017/18
figure 60: Forecast Of Cash Isa Subscriptions – Best- And Worst-case Scenarios, At Current Prices,
2012/13-2017/18
stocks And Shares Forecast
figure 61: Forecast Of Stocks And Shares Isa Subscriptions, At Current Prices – Fan Chart,
2007/08-2017/18
figure 62: Forecast Of Stocks And Shares Isa Subscriptions, 2012/13-2017/18
figure 63: Forecast Of Stocks And Shares Isa Subscriptions – Best- And Worst-case Scenarios, At
Current Prices, 2012/13-2017/18
forecast Methodology
fan Chart Explanation
appendix – Market Background
key Milestones In The Isa Story
figure 64: Key Changes To The Isa Scheme, 2004-13
appendix – Ownership Of Isas, Other Savings And Investments
figure 65: Ownership Of Savings And Investments, By Demographics, June 2013
figure 66: Ownership Of Isas, By Product Type And Demographics, June 2013
appendix – Saving Activity And Other Financial Priorities
figure 67: Most Popular Agreement With Statements About Saving Activity And Other Financial Priorities,
By Demographics, June 2013

appendix – Isa Limits And The Saving Environment
figure 68: Agreement With Statement ‘it’s Hardly Worth Saving At The Moment Because
Interest Rates Are So Low’, By Demographics, June 2013
figure 69: Agreement With Statement ‘it’s A Good Time To Invest In The Stock
Market’, By Demographics, June 2013
figure 70: Agreement With Statement ‘people Should Be Able To Save The Full Isa Limit Of £11,520
In A Cash Isa As They Can In A Stocks And Shares Isa’, By Demographics, June 2013
appendix – Isa Contribution And Transfer Intentions
figure 71: Isa Contributors And Transfer Targets Over The Next 12 Months, By Demographics, June 2013
figure 72: Cash Isa Contribution And Transfer Intentions Over The Next 12 Months, By Demographics, June
2013
figure 73: Other Isa Contribution And Transfer Intentions Over The Next 12 Months, By Demographics, June
2013
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ISAs UK September 2013:Industry Analysis Report

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ISAs UK September 2013:Industry Analysis Report