1983: Never Say Never Again – Kershner
The Treasury has announced a change in the ISA rules. It is my sincere hope that these are not rules that any of our clients will benefit by – as they are only enacted once an existing ISA provider company has gone bust. The change will enable investors that see an ISA provider go bust, maintain their previous ISA allowances rather than having to start again. Of course, one would hope and expect that should an ISA provider go bust then there is protection or at least compensation – but in some recent cases (Keydata) the value of the investment collapsed along with the product provider. This new change to the rules means that once the dust has settled, ISA allowances and previous contributions will be effectively protected.
Mark Hoban is reported to have said that this “will enable investors whose ISAs are affected by the failure or default of a financial firm to continue to benefit from tax-advantaged savings.”
Frankly, I hope that none of our clients ever see a day where their ISA product provider goes bust, but should that day ever arrive, this is at least good news.
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