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03/04/2014

Skandia, part of Old Mutual Wealth, today confirms it will enhance the cash option available on its ISA in time for the new rules in July. Skandia will make cash available as a longer term holding, rather than a short term cash deposit facility, with the interest rate rising to approximately 0.40% in time for the new tax year, up from 0.10%. Skandia is looking to secure the highest interest it can in time for the changes on 1st July. 

The changes announced in this year’s Budget mean that from 1st July 2014 people can invest up to £15,000 per annum in an ISA split as they choose between stocks & shares and cash.

Under the new rules investors will now be able to switch back and forth between the different asset classes, rather than having to disinvest from a stocks & shares ISA if they want to transfer to cash. This will offer investors greater flexibility to move between cash and other assets within a single product.

Mike Barrett, platform manager at Skandia comments:Mike barrett

“We are confident, just days after the changes were announced, that our ISA will be ready for the new regime in July. In addition to a wide range of funds, our cash facility will be enhanced so that it will offer the most competitive rate possible.

“98%* of advisers tell us that ISAs are the most effective tax allowances used by their clients. The new rules show the Government is acknowledging this popularity and answering demand for further flexibility. The changing structure is not only great for seasoned ISA users, but also for those who may have previously been hesitant to invest in the stock market as it allows them ‘dip their toe in the water’ within a single product.

“Whilst the new ISA regulations do not come in until 1st July, regular savers can take advantage of the increased limits now by increasing their monthly contributions to £1,250 from Monday 7th April.”

*The Skandia adviser insights survey was conducted in March 2014 and collected responses from 1, 062 financial advisers.

For more information contact

Amelie ShepherdOld Mutual Wealth02380 916 09107834 499 596
Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145076

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.