The government has announced that the ISA rules will be changed to ensure that investors affected by the failure of a financial institution do not lose out. Investors who have lost their cash ISA will be permitted to ‘reinstate up to the balance of their account at the time of the firm's failure in a new ISA, outside the normal subscription limits’ according to the Treasury. Further detail is set out in HMRC’s ISA Bulletin of 5 December 2011.
The government has announced that the ISA rules will be changed to ensure that investors affected by the failure of a financial institution do not lose out. Investors who have lost their cash ISA will be permitted to ‘reinstate up to the balance of their account at the time of the firm's failure in a new ISA, outside the normal subscription limits’ according to the Treasury. Further detail is set out in HMRC’s ISA Bulletin of 5 December 2011.
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