The Financial Conduct Authority (FCA) is consulting on a proposal to introduce a requirement that investors in open-ended property funds must provide between 90 and 180 days’ notice before their investment can be redeemed. HMRC highlights the implications of the proposal where such investments are held within an individual savings account (ISA), as the ISA legislation requires account holders to be able to access the funds or transfer them to another ISA within 30 days of making an instruction to their account manager.
The consultation will close on 13 December 2020 and the documentation is available via bit.ly/ISAsconsultation.
The Financial Conduct Authority (FCA) is consulting on a proposal to introduce a requirement that investors in open-ended property funds must provide between 90 and 180 days’ notice before their investment can be redeemed. HMRC highlights the implications of the proposal where such investments are held within an individual savings account (ISA), as the ISA legislation requires account holders to be able to access the funds or transfer them to another ISA within 30 days of making an instruction to their account manager.
The consultation will close on 13 December 2020 and the documentation is available via bit.ly/ISAsconsultation.
