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Compensation on split caps can be kept in Isas

Compensation eligible to investors arising from the FSA’s split-capital investment trust agreement will be able to be retained in Pep or Isa accounts.

The Pep and Isa Managers’ Association has been campaigning to ensure that the Inland Revenue knew the concerns of managers and investors and welcomes the decision that the money can be reinvested.

The compensation agreement, reached between the FSA and 18 firms in December, will see 194m in compensation distributed to investors as redress for the split-cap debacle.

Pima director general Tony Vine-Lott says: “We are delighted that Pep and Isa split-cap investors can keep any compensation in their tax-efficient wrapper. We greatly appreciate the co-operation and affirmative decision of the Inland Revenue. We think this keeps with the spirit of the compensation which was designed to replenish the investment accounts of those who lost out due to the collapse of the split-cap investment trust companies.”


Widows Bank spurns deposit account war

Scottish Widows Bank will not be drawn into a rate war with rival HSBC which is offering an 8 per cent deal and online banks, says managing director Graeme Hartop.

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