Friends Provident FRIENDS ISA launched

Friends Provident has launched its FRIENDS ISA, which comes with no initial charge and an annual charge of 1.25 per cent.

The Friends Provident FRIENDS ISA allows investors to choose from a mini, tax-free ISA or a maxi ISA.

Jim Henning, investment marketing manager, at Friends Provident, said: "The FRIENDS®ISA has been designed to reward those investors who remain invested for the long-term to maximise tax efficiency and provide sensible portfolio diversification."

Investors also benefit loyalty bonuses, if no withdrawals from the FRIENDS ISA are made, but funds can also be changed up to 12 times a year without charge.

The product comes as a result of the reclassification of Life ISA's earlier this year.