On 11 June 2014, the FCA published a consultation paper on proposed changes to its client money rules for individual savings accounts (“ISAs”). Due to changes announced in the 2014 Budget, cash will be able to be held in stocks and shares ISAs with the result that such ISAs can be used for both deposit and investment purposes. Only money held for investment purposes would currently be client money and subject to the client money rules. The FCA is therefore proposing that all moneys held within stocks and shares ISAs be held as client money. Responses to the consultation are due by 25 June 2014.

The FCA consultation paper is available at: