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.”
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£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards