sand2880
Member of DD Central
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Likes: 17
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Post by sand2880 on Feb 27, 2017 20:48:12 GMT
I'm aware that if a platform fails, there will be a plan for a 3rd party to run down the book, manage repayments and collections etc.
However, where the funds are held with an ISA, does the requirement for the 3rd party used include them holding ISA manager status?
Anyone asked the question of how the ISA will be maintained in the event of a platform failure?
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Post by easteregg on Feb 28, 2017 12:36:10 GMT
I'm aware that if a platform fails, there will be a plan for a 3rd party to run down the book, manage repayments and collections etc. However, where the funds are held with an ISA, does the requirement for the 3rd party used include them holding ISA manager status? Anyone asked the question of how the ISA will be maintained in the event of a platform failure? Good question. I had an ISA in IceSave when it went under and I believe that as a large number of people were affected the government stated they would ensure that the ISA status would be maintained. There would certainly be a case for maintaining it, but I suspect we would only find out after the event.
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Post by Matthew on Mar 1, 2017 8:52:40 GMT
I'm aware that if a platform fails, there will be a plan for a 3rd party to run down the book, manage repayments and collections etc. However, where the funds are held with an ISA, does the requirement for the 3rd party used include them holding ISA manager status? Anyone asked the question of how the ISA will be maintained in the event of a platform failure? This was a specific requirement for us, so I assume it will be for other platforms offering (or intending to offer) ISAs. You'll note our backup service provider, Link Financial Outsourcing Limited, is listed as an ISA Manager for IF (Innovative Finance) ISAs here: www.gov.uk/government/publications/list-of-authorised-isa-managers/isas-authorised-managers with ISA manager reference Z1889. Hope this helps.
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sand2880
Member of DD Central
Posts: 53
Likes: 17
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Post by sand2880 on Mar 1, 2017 18:10:31 GMT
Thanks Matthew,
Exactly what I wanted to hear.
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