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FCA Policy Statement on Client Money Held in ISAs

On 1 July 2014, the FCA published PS14/10 “Client Money held in Individual Savings Accounts”.  The policy statement amends the client money rules[1] and provides confirmation that, from 1 July 2014:

  • all money held within stocks and shares ISAs managed by investment firms must be held as client money;
  • credit institutions which currently use the banking exemption in the client money rules may continue to do so;
  • investment firms and credit institutions managing cash ISAs may (but are not obliged to) opt in to the client money rules; and
  • investment firms that are ISA managers will not be able to place money in an unbreakable term deposit of greater than 30 days.


[1] Via the Client Assets Sourcebook (Amendment No 6) Instrument 2014

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