Feeds

UK tax-free savings hit by computer glitch

New accounts will face delay of up to a month

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Tax-free ISA savings accounts will be delayed because they are too complex for some investment houses’ computer systems. Three of the UK’s biggest fund managers, Invesco, Mercury and Save & Prosper, will not launch the replacement to Tessas and Peps on time next month. The individual savings accounts will be between a week and a month late, according to today’s Financial Times. This follows warnings that there can be no repeat of the administrative mess that followed the launch of Peps. Despite potentially missing out on millions of pounds of investment, companies have been told by the Financial Services Authority they must get their administrative systems up to scratch. The three companies all use Rufus system software, supplied by RBAS Trust Bank. Other users of the system plan to begin offering Isas on time. Mercury said the delay was in best interests of investors and that it gave the company the best chance of getting things right first time round. ®

New hybrid storage solutions

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.