UK:
FCA Consults On Revised Client Money Rules For Isas
27 June 2014
Shearman & Sterling LLP
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On 11 June 2014, the FCA published a consultation paper on
proposed changes to its client money rules for individual savings
accounts ("ISAs"). Due to changes announced in the 2014
Budget, cash will be able to be held in stocks and shares ISAs with
the result that such ISAs can be used for both deposit and
investment purposes. Only money held for investment purposes would
currently be client money and subject to the client money rules.
The FCA is therefore proposing that all moneys held within stocks
and shares ISAs be held as client money. Responses to the
consultation are due by 25 June 2014.
The FCA consultation paper is available at:
http://www.fca.org.uk/static/documents/consultation-papers/cp14-09.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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