TISA responds to client money and unbreakable deposits policy statement
TISA, the investments and savings membership organisation, has responded to the publication by the FCA of the Policy Statement on PS18/2: client money and unbreakable deposits.
Jeffrey Mushens, Technical Policy Director at TISA said:
“TISA is committed to making sure consumers are able to make the most out of their money. We worked hard to push for a longer period to be allowed for client money to be placed in unbreakable deposits, so are pleased to see the FCA has taken our recommendations on board and expanded the 30-day rule to 95 days. These changes give the consumer more choice and better rates without taking any protections away.”
Ends….
Issued on behalf of TISA by Atlas Partners, for further information please contact:
Sarah Evans, telephone: 020 7183 7154 or 07523 609413, email sarah.evans@atlas-partners.co.uk Email: tisa@atlas-partners.co.uk
Notes for Editors
TISA is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators.
TISA’s growing membership comprises more than 170 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
Current themes of TISA policy work include:
• Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale
• Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities
• ISA’s: LISA, simplification of the regime
• Retirement saving: the Auto Enrolment review, self-employed and pension tax relief
• Housing: the use of property to supplement retirement income
• Guidance: developing a framework and services to make guidance more widely available
• Education: supporting the education of young people to make them aware of the impact of finance on their life.
TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes. This work currently includes: MiFID II, CASS, the UK Fund Trading & Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.