Submitted on Saturday 13th April 2013
Published on Monday 15th April 2013
Current status: Closed
Closed: Tuesday 15th October 2013
Signatures: 6
Review Stocks & Shares ISA Investments Financial Compensation Limits
The maximum the FSA compensation scheme pays for investment losses is £50,000 per person per financial entity. This compares with £85,000 for savings account losses.
Taking no account of capital appreciation, Stocks & Shares ISA savers saving their maximum amount yearly will have reached £50,000 in less than 7 years. Many savers' ISA funds are intended as a nest egg for their retirement.
As HMG ISA rules prohibit the holding of shares in paper form, the government is conspiring to expose investors to unnecessary risk because should their ISA provider, or their nominee company holding the shares, go bust, the maximum compensation available to them would be £50,000.
We call upon the government to redesign the rules so that investors are either protected by a significant increase in the FSA compensation level or there is a requirement of all ISA providers to include within their fee structure an insurance policy which would protect the full investment value of an ISA
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