In a bid to make ISA’s simpler, they have just been made more complicated! The area of major confusion is in ISA transfers. At a time when many clients have fixed term ISA’s maturing, we have recently witnessed a widespread misunderstanding of the rules which can have significantly adverse implications.
Many investors believe that an ISA issued by a bank or building society is a “Cash ISA”, this is simply not the case, and an attempt to conduct a non-allowed transfer can result in the invested funds being lost in the ether for 2 months or more.
Read the full article here about ISA’s from Karen Vidler