ABI: Govt commitment to ISAs an important step

ABI: Govt commitment to ISAs an important step

ABI: Govt commitment to ISAs an important step

The Government’s announcement today confirming its commitment to the ISA regime has been warmly received by the ABI. The Government has committed to retain ISAs and promised a continuing minimum annual £7,000 investment limit.

Peter Vipond, the ABI’s Director of Financial Regulation and Taxation, said:

“We welcome today’s announcement. We have been pressing for ISAs to be retained, and for the retention of a minimum investment limit. We also support today’s announcement that savings built up in a Child Trust Fund will be allowed to be rolled over into an ISA on maturity.

“Today’s news should provide a signal to consumers that the Government will provide an environment that encourages a savings culture. This is an important step in the right direction. We look forward to working with the Treasury on their more detailed proposals, in particular regarding the removal of the Mini and Maxi ISA distinction, and the merger of the PEP and ISA investment rules”.

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Notes for Editors

1. Enquiries to:
Lucy Butler 020 7216 7411 (Mobile: 07712 841 184)
Alan Leaman 020 7216 7440 (Mobile: 07957 482 330)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Kelly Ostler 020 7216 7415 (Mobile: 07968 364 302)

2 The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk