It will be seen that the rules governing individual savings accounts permit much wider options than their predecessors, personal equity plans (which were confined to investment in equities and unit trusts) and tax-exempt special savings accounts (which were confined to cash and from which withdrawals could not be made without loss of tax relief).
An individual wishing to invest in ISAs may choose a spread of investments over stocks and shares (which includes certain other securities) and cash deposits, or restrict investment to one of these options.
In choosing ISAs, investors may wish to know how they are regulated. Apart from the Individual Savings Account Regulations1, voluntary standards for charges, access and terms of ISAs the ('CAT' standards) were issued by the Treasury in December 1998. Account managers were not obliged to adopt these standards, but if they
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