ISA reforms warmly received

Ed Balls, economic secretary to the Treasury, announced a series of reforms at the PEP & ISA Managers’ Association (PIMA) annual conference last week. These included: a commitment to a permanent future for ISAs beyond 2010; the removal of the mini / maxi distinction; the rolling of PEPs into the ISA wrapper; and the rollover of some existing savings vehicles such as Child Trust Funds on maturity into ISAs. From an IFA perspective, Mike Shaw, managing director of Hedley Asset Management described the reforms as sensible because they simplified the current system for advisers and investor...