HC Deb 30 July 1998 vol 317 c415W
Mr. Loughton

To ask the Chancellor of the Exchequer when he proposes to announce the final regulations regarding the launch of ISAs. [53711]

Ms Hewitt

Regulations will be laid before the House as soon as possible after the Finance Bill receives the Royal Assent.

Mr. Loughton

To ask the Chancellor of the Exchequer (1) if he will estimate how many ISA providers will be in place by April 1999; [53768]

(2) how many approaches he has had from financial companies wishing to register as ISA providers; [53767]

(3) what minimum target his Department has set for approved ISA providers to be reached before the new system goes live on 6 April 1999. [53769]

Ms Hewitt

ISAs will not be available until 6 April 1999 but those who wish to become ISA managers will be able to seek approval from an earlier date to be specified in the regulations. Based on the existing number of PEP and TESSA providers, it is expected that around 500–600 bodies will become ISA managers. No minimum target number of approved managers has been set and the Revenue aims to complete the approval process, for all those who apply promptly and meet the qualifying conditions, in good time for April 1999.