Written question asked by Lord Lipsey (Labour), in the House of Lords. It was answered by Lord Myners (Labour) on Thursday, 8 April 2010.

Finance: Individual Savings Accounts

Question: To ask Her Majesty's Government what assessment they have made of the proportionality of the requirement that customers who have not accessed their individual savings account for a year visit a branch to have a declaration read to them before using that account; and to what extent it is compatible with their policy to encourage online transactions.

Answer: There is no regulatory requirement for providers to require customers to visit a branch in these circumstances. If an investor does not subscribe to an individual savings account (ISA) for a whole tax year, they must make a fresh application before they can make further subscriptions. This acts as a reminder that they can only subscribe to one ISA of each type per tax year. However, ISA managers are able to accept these applications over the telephone or online, rather than in a branch, should they wish to do so.

Secondary information