Cash-to-ISA rules relaxed

The fund management industry has applauded the unexpected move, which has followed years of lobbying by trade bodies such as the Pep and ISA Managers’ Association (PIMA) and the IMA. Currently, savers in Mini ISAs must hold £3,000 of their annual limit in cash and cannot switch to equities. This will now change and the distinction between Mini and Maxi ISAs will be scrapped. The move means investors with several years of cash savings can transfer them to equities without affecting their annual £7,000 maximum ISA limit. According to PIMA figures, there was £111bn held in the cash compone...