ISA Reactivation - Strange Clause

[Dave256]

Hi,

First time posting on here.

I have logged in to my account and have received a pop-up message prompting me to reactivate my ISA.

One of the clauses I have to agree to is:

"I have not subscribed and will not subscribe to another Stocks & Shares ISA in the same tax year that I subscribe to this Stocks & Shares ISA"

I thought that this had changed in the last budget, which came into effect 6th April 2024, noted as "removes the restriction on subscribing to only one ISA of each type per year"  in section 1.2 here: https://www.gov.uk/government/publications/tax-free-savings-newsletter-11/tax-free-savings-newsletter-11

Can you please confirm if this is correct? Does the wording on your declaration need to be amended before I can click Agree?

Regards,
Dave.

[KoketsoIG]

10 hours ago, Dave256 said:

Hi,

First time posting on here.

I have logged in to my account and have received a pop-up message prompting me to reactivate my ISA.

One of the clauses I have to agree to is:

"I have not subscribed and will not subscribe to another Stocks & Shares ISA in the same tax year that I subscribe to this Stocks & Shares ISA"

I thought that this had changed in the last budget, which came into effect 6th April 2024, noted as "removes the restriction on subscribing to only one ISA of each type per year"  in section 1.2 here: https://www.gov.uk/government/publications/tax-free-savings-newsletter-11/tax-free-savings-newsletter-11

Can you please confirm if this is correct? Does the wording on your declaration need to be amended before I can click Agree?

Regards,
Dave.

Dear @Dave256,

Thank you for your post.

Please note that the clause warrants a change because as it stands it's at variance with the new rule which does not require clients to reactivate their accounts if they had not funded them in the previous tax year. The investment specialists are currently in discussion with the product development team to have this updated and removed from the pop-up because it creates confusion. We will keep you updated.

Thanks,

KoketsoIG

[AlfieMico]

Hi, is there any update to this? It has been quite some time that this needs to be updated.

kindest regards

[KoketsoIG]

16 hours ago, AlfieMico said:

Hi, is there any update to this? It has been quite some time that this needs to be updated.

kindest regards

Hi @AlfieMico,

Thank you for your post.

Please note that this has been resolved and all affected ISAs have been reactivated.

This is now only affecting clients who declined the pop-up to agree to the updated terms or have already had inactive accounts from previous years.

Please let us know if you are experiencing this and if you want us to ask the investments team to reactivate your ISA?

Thanks,

KoketsoIG

[AlfieMico]

Thanks, yes please. I spoke to the team last Friday and they mentioned it wasn’t yet resolved. Has it been resolved this week?
 

[AlfieMico]

Just spoke with the team and understand the terms haven’t been updated. Those of us who didn’t accept the pop up need to reapply for our isas but the terms are still not reflecting the new arrangements. When do you hope to have the documents updated properly?

[KoketsoIG]

1 hour ago, AlfieMico said:

Just spoke with the team and understand the terms haven’t been updated. Those of us who didn’t accept the pop up need to reapply for our isas but the terms are still not reflecting the new arrangements. When do you hope to have the documents updated properly?

@AlfieMico,

Thanks for your response.

Please note that the investments team is working on this and we would have to wait for their feedback.

All the best,

KoketsoIG

[AlfieMico]

thanks for your update. Can I ask why it’s taking so long? Just feels a little bit worrying as I imagine you have a legal team that could have quickly tailored the documents and it doesn’t feel reassuring that it’s taken so long to update the agreements to reflect this new situation.

Edited May 10 by AlfieMico

[KoketsoIG]

3 minutes ago, AlfieMico said:

thanks for your update. Can I ask why it’s taking so long? Just feels a little bit worrying as I imagine you have a legal team that could have quickly tailored the documents and it doesn’t feel reassuring that it’s taken so long to update the agreements to reflect this new situation.

Hi @AlfieMico,

No worries, unfortunately, we cannot say as we have not received any update on the pop-up update yet. We will be sure to update this thread when we do.

Thanks,

KoketsoIG