Scottish Widows comments on introduction of ISA reforms in 2008

Anne Young, savings expert comments: “Scottish Widows is delighted that, following a period of consultation, the Treasury has amended the date for implementation of ISA changes, as announced in the autumn.

“Scottish Widows was heavily involved in the consultation process, and presented the case for the implementation date to be 6 April 2008 as the most practical date, in order to avoid any potential customer detriment and confusion by rushing through the changes. This could have adversely affected customer experiences of the new ISA regime, and therefore, the number of ISAs taken out, counter to the Government’s wishes.

“We are pleased that the Treasury listened to the industry, and we welcome the proposed changes to extend ISAs indefinitely, and the removal of the Maxi/Mini distinction.

“Added incentives, such as Government matched contributions, which have already been piloted, could also encourage those on lower incomes to save. We believe that industry input would be valuable in creating the right type of scheme to encourage lower income savers.”