Feeds

UK tax-free savings hit by computer glitch

New accounts will face delay of up to a month

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

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. ®

Boost IT visibility and business value

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.