WILLIAM Faith has been doing his own investing since the early days of privatisation and holds a range of investment trusts including Standard Life UK Smaller Companies, Aberdeen Asian Smaller Companies and Qatar investment fund.

But the retired IBM manager from Bo'ness in West Lothian has not got excited about the new Nisa.

"Everyone was rushing for July 1, but I haven't done anything yet, I am waiting to see what happens to interest rates," he says.

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"The only real advantage of an Isa is inheritance tax and possibly capital gains tax, not a great deal more."

Mr Faith has long been using platforms to buy shares and investment trusts and has accounts with Selftrade and Hargreaves Lansdown. He says the new charging regime has not benefited consumers.

"The likes of Hargreaves are still going to make their money one way or the other, and it's not always easy to leave."