UK:
New Client Money Rules For ISAs
24 July 2014
Shearman & Sterling LLP
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On 1 July 2014, the Financial Conduct Authority
("FCA") published its Policy Statement and final rules on
amendments to the client money rules for Individual Savings
Accounts ("ISAs"). The rules, which came into force on 1
July 2014, require investment firms managing stocks and share ISAs
to hold any money within those accounts as client money. Investment
firms managing cash ISAs may elect to opt into the client money
regime and hold money in those accounts as client money.
The Policy Statement is available at: http://www.fca.org.uk/your-fca/documents/policy-statements/ps14-10.
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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