The Pep and Isa Managers Association is to change its name to the Tax Incentivised Savings Association, from the 1 July.
It says it has decided to rename itself TISA to “reflect the wider scope of activities undertaken by the organisation and its members”, as it moves away from its original focus of Peps and Isas.
In December Chancellor Gordon Brown confirmed in his Pre-Budget Report Isas would continue past 2010 to become permanent fixtures of the savings landscape, while Peps have been brought within the Isa wrapper with the rules of the two schemes becoming merged - meaning they effectively no longer exist.
As a result more recently PIMA says it has expanded into other areas of saving such as Child Trust Funds (CTFs); financial capability and inclusion; financial crime; long-term savings; wraps and Self Invested Personal Pensions (Sipps).
In addition, as it is increasingly becoming the “optimal conduit” for communicating between government and regulatory bodies and the industry and general public, PIMA says the change to TISA “signals an enduring commitment to consumer savings in the UK”.
Tony Vine-Lott, director general of PIMA, says the organisation believes the name TISA better represents its focus in the past few years.
He adds: “We look forward to effectively representing the aims of our members and the needs of the consumer in assisting government to further improve and develop schemes and initiatives to support savings and broaden and deepen family wealth creation in the UK.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7034 2681 or email [email protected]IFAonline
'Asleep at the wheel'
Nomination deadline - 28 June 2019
Tactical opportunities will arise
Multi-asset funds saw £7.9 billion in net retail sales in 2018, sparked by a heightened awareness of risk, following a resurgence in volatility. Scottish Widows examines the appeal of this approach.
What made financial headlines over the weekend?