FLEXIBLE ISA ABOUT TO LAUNCH
As of 6th April 2016, flexible ISAs will be available enabling investors to withdraw and replace money in their flexible ISA without the replacement counting towards their annual ISA allowance. TISA, in conjunction with BBA and BSA, has produced a customer leaflet to assist in explaining the flexible ISA to customers.
Responding to the introduction of the flexible ISA, TISA Chief Operations Officer, Carol Knight said:
“The introduction of the flexible ISA is a very attractive and a positive initiative for savers. However, it does add a layer of complexity to consumers, and it is important that both investors and managers are aware of the changes and how it will impact them.
“Our Savings and Investment Policy project has been calling for new initiatives to help rebuild consumer confidence and trust in short, medium and long-term savings. We see this as a positive step in the right direction as it gives consumers greater flexibility, greater control and greater choice about where and how they can save their money.
“The recent announcements in the Budget regarding the extension of the individual ISA allowance from £15,400 to £20,000 and the introduction of the Lifetime ISA from April 2017, confirm the continued popularity of ISAs. These changes allow people to save as much or as little as they wish, whilst giving them greater control of their finances.”
The full customer leaflet can be found on the TISA website here.
Video interviews with Carol Knight highlighting the benefits of flexible ISAs for consumers and some of the challenges ISA managers need to be aware of are available here on the TISA TV section of the website.
Ends….
For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
Having a legacy of focusing predominantly within the tax incentivised products area, TISA has in recent years moved into the broader savings and investments world, extending our standing as trusted adviser over a much greater remit.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.