The Financial Services Authority and SROs publish ISA rules

The draft rules published in the FSA Policy Statement have been revised where appropriate to take account of the comments received following consultation. The new regime will apply from 1 April 1999.

The rules are now available on the FSA website: http://www.fsa.gov.uk

Notes for editors

In October the FSA published a Policy Statement and consulted on draft rules for ISAs. The consultation period ended in November 1998. In his March 17 budget statement, the Chancellor of the Exchequer announced details of the Governments plans for a new savings and investments vehicle, the Individual Savings Account (ISA) aimed particularly at attracting new and small savers. They will be introduced from April 1999. The rules now available on the FSA website or by sending a cheque for 5.00 made payable to the Financial Services Authority and sent to Sales and Distribution, FSA, 25, The North Colonnade, Canary Wharf, London E14 5HS. The FSA will not obtain its full powers under the proposed Financial Services and Markets Bill until Parliament has passed new legislation. In the interim period, it will be the responsibility of the SROs to implement these regulations. The three SROs are the Investment Management Regulatory Organisation (IMRO), the Personal Investment Authority (PIA) and the Securities and Futures Authority (SFA).