On 1 July 2014, the FCA published PS14/10 “Client Money held in Individual Savings Accounts”. The policy statement amends the client money rules 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.
 Via the Client Assets Sourcebook (Amendment No 6) Instrument 2014Contact Us