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UK tax-free savings hit by computer glitch

New accounts will face delay of up to a month

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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. ®

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