Cash & Investment Savings Technical Committee

Assist the industry in collective technical issues around Cash and Investment products and services

Industry challenge

The industry needs to continually improve the way it engages with consumers

Group purpose

The Cash & Investment Savings Technical Committee aims to improve the reputation and effectiveness of the financial service industry through better engagement with consumers and promoting their interests.

Areas of focus

  • Improving consumer access to financial guidance
  • TISA has been liaising with UK Finance, the Building Societies Association (BSA) on the back of the FCA’s recent Cash Savings Market Review where the FCA wish to see the percentage of cash ISA transfers throughout the industry within 7 days raised from 85% to 90%
  • TISA has been working with the Ministry of Justice (MoJ) to help inform members of a new Toolkit designed to help staff within the financial services sector direct customers successfully with mental health/incapacity issues
  • TISA has been working with HMRC and the committee to organise some HMRC/HMT site visits to authorised ISA managers to help HMRC/HMT more clearly understand the processes of ISA managers
  • In the lead up to the Autumn Statement, TISA submitted its Budget Representation Letter and liaised with HMT and HMRC to discuss our recommendations for simplifying and improving the ISA regime. Many of our recommendations were included in the 2023 Autumn Statement, with Government announcing the following: allowing multiple subscriptions to ISAs of the same type every tax year starting from April 2024 (TISA ask), allowing partial transfers of current year ISA funds between ISA managers starting from April 2024 (TISA ask), removing the requirement to reapply for an existing dormant ISA from April 2024 (usually referred to as the ‘gap year’ rule), expanding Innovative Finance ISAs to include Long-Term Asset Funds and open-ended property funds with extended notice from April (TISA had been calling for LTAFs to be included in ISAs), permitting certain fractional share contracts as eligible ISA investments (TISA ask), digitising the ISA reporting system to enable the development of digital tools to support investors, Harmonising the account opening age for any adult ISAs to 18 from April 2024 resulting in the minimum age for Cash ISAs increasing from 16 to 18, freezing the ISA (£20,000), JISA (£9,000), LISA (£4,000) and CTF (£9,000) limits at their current levels for 2024-25, reforming the Help to Save scheme (and will publish proposals in a response to the consultation on Help to Save Reform) as well as consulting on delivery of the new scheme.
  • Following the Autumn Statement, engagement with HMT/HMRC will continue (particularly on the implementation of fractions).
  • Since the Autumn Statement, TISA has provided feedback to HMRC/HM Treasury on some of the key ISA regulation changes coming into force on 6 April 2024
  • Detailed feedback has been provided to the HMRC policy team with regard to company liquidations. Current HMRC guidance is, arguably, having a negative impact on ISA customers who hold shares in liquidated companies in their stocks & shares ISAs. We await further feedback on this issue.
  • A new TISA working group has been established to discuss the upcoming ISA regulation changes in more detail. The first meeting was held in January and further meetings will be held once the draft ISA regulations are issued.
  • TISA has finalised some joint work with UK Finance, the Building Society Association (BSA) on the back of the FCA’s 2023 Cash Savings Market Review.
  • TISA has been liaising with the HMRC Compliance team to discuss concerns that the industry currently has regarding the HMRC ISA audit programme.
  • TISA has been liaising with HMRC to discuss some potential problems relating to the reporting of Lifetime ISAs.

Participating member firms

abrdn
Aegon UK PLC
Alder Investment Management
Alpha FMC
Bank of Ireland
Barclays Wealth
Cazenove Capital
CMC Markets Investments Limited
Coutts & Co
Danske Bank
Digital Moneybox Ltd
Evelyn Partners
Fidelity International
Financial Software
FNZ
GoHenry Family Finance Limited
Hargreaves Lansdown
HSBC
Interactive Investor
JTC Group
L & G plc

LGT Wealth Management
Lloyds Banking Group
M&G Investments
OneFamily
Pershing
Phoenix Group
Quilter (formerly Old Mutual Wealth)
Rathbone Bros Plc
RBC Brewin Dolphin
Redmayne Bentley
Royal Bank of Scotland
Saltus Private Wealth
Santander UK Plc
Schroders PLC
SS&C
Third Platform Services Limited
Vanguard Asset Management
Virgin Money PLC
Walker Crips Investment Management
Zopa

David Beaston, Technical Manager/Trainer
leads on this work at TISA

Chair: Rob Jameson, M&G

If you are a TISA member who would like to get involved with the Cash & Investment Savings work, please get in touch

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