Mar 7 2008
The Building Societies Association (BSA) has called for the government to introduce additional changes to the individual savings account (Isa) system.
From next month, holders of cash-based Isas will be entitled to switch their assets to stock-linked equivalents, but the BSA is convinced that the reverse should also be made possible.
According to the association, its recommendations would be beneficial for people saving for retirement and would give a greater degree of flexibility to those who were ill-advised with respect to their Isa investments.
Adrian Coles, director general of the BSA, said: "We urge the government to look at our concerns and allow transfers from stocks and shares to cash Isas.
"The one-way-only transfer means consumers cannot rectify errors of bad judgment or advice and still retain their tax exemption."
Axa warned recently that millions of people around the country are leaving it too late to start saving for retirement.
