On 1 July 2014, the Financial Conduct Authority (“FCA”) published its Policy Statement and final rules on amendments to the client money rules for Individual Savings Accounts (“ISAs”). The rules, which came into force on 1 July 2014, require investment firms managing stocks and share ISAs to hold any money within those accounts as client money. Investment firms managing cash ISAs   may elect to opt into the client money regime and hold money in those accounts as client money.

The Policy Statement is available at: http://www.fca.org.uk/your- fca/documents/policy-statements/ps14-10.