We publish amendments to client money rules in response to changes made to ISAs in the 2014 Budget
This PS publishes rule changes that will affect investment firms managing ISAs:
- requiring all investment firms who hold any money within stocks and shares ISAs to hold these sums as client money
- allowing investment firms that manage cash ISAs to opt into the CASS regime and elect to hold money in cash ISAs as client money
PS14/10: Client money held in Individual Savings Accounts[1]
Who does this policy statement affect?
This PS should be read by:
- ISA managers who manage either stocks and shares ISAs or cash ISAs and hold, or wish to hold, those monies as client money
- deposit takers of money held within ISAs managed by investment firms
What are the next steps?
Changes to the ISA Regulations come into force on 1 July 2014.
Want to find out more?