PIMA WELCOMES THE ADDITION OF UCITS INTOTHE ISA FAMILY
The PEP and ISA Manager’s Association today welcomed the Government’s announcement that Undertakings for Collective Investments in Transferable Securities (UCITS) will be accepted as qualifying investments for ISAs.
After several months of lobbying by PIMA, the Government has confirmed that they would shortly be amending regulations to enable the new wider range of investments. This change to ISA investment qualifications responds to the substitution by the Financial Services Authority (FSA) of different categories of pooled funds (such as securities and warrant schemes) with a security category of ‘UCITS schemes’.
Tony Vine-Lott, Director General of PIMA, said, “We are very pleased with the Government’s announcement that UCITS will be included under the ISA umbrella of savings. This gives clarity to consumers and independent advisers alike, as the proposals are simple and flexible. It opens up a wider investment opportunity for savers, which can only be a good thing for our members and the industry as a whole ”