PIMA welcomes announcment on ISA Reform implementation
Today’s announcement by HM Treasury to make major changes to the ISA effective from April 2008 is welcomed by PIMA and the UK savings industry at large.
PIMA worked alongside Ministers and officials to stimulate dialogue and consultation responses that allowed a better understanding of the implications of change. The solution will ensure that the 16 million ISA holders in the UK are best served by their providers and advisers. The 14 month window will allow a deeper understanding of the changes and what that means for individuals’ specific circumstances.
PIMA believes that these changes, long advocated by members and ISA-holders, will strengthen the ISA regime and further entrench it as the foremost savings scheme in the UK—for the short, medium and long-term.
To assist the industry in this time of important regulatory change, PIMA will hold a number of training sessions for providers, IFAs and other interested parties. These will be posted on the PIMA website, www.pima.co.uk when details are finalised.
Tony Vine-Lott, Director General of PIMA said,
[i]‘We are pleased that the Government has clarified when the ISA changes will be implemented. We have enjoyed a very constructive dialogue with the Minister and officials about what was possible from providers and what would benefit consumers most. This date was overwhelmingly favoured by our members and we appreciate the Government’s consideration of their views. We look forward to continued work with the Government on the details of the transition.’[/i]
For more information:
Tony Vine-Lott, Director-General, PIMA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535
079 0039 2531