Rhyme Systems, a leading provider of asset management solutions, today announces enhanced functionality for rhymeSIGHT, its investment management solution, to cater for forthcoming changes to Individual Savings Accounts (‘ISAs’). The changes to ISAs, as put forward by HM Treasury, will come into effect in April 2008.
The rhymeSIGHT ISA module now recognises the Government’s intention to make ISAs a permanent part of the savings landscape by making changes to the way the module functions in order to comply with the new limits and guidelines.
The changes allow for the following to be accurately captured and recorded:
• Guarantee an overall annual investment limit for ISAs of £7,200
• Remove the Mini/Maxi distinction within ISAs
• Recognise the introduction of Cash and Stocks & Shares ISAs
• On an on-going basis, allow transfers from the cash component of ISAs from earlier years into the stocks & shares ISA for the current year without affecting the current year’s investment limits
The ISA module forms part of the rhymeSIGHT integrated investment administration platform. rhymeSIGHT supports the entire front to back office operation and is built around a single, core database. The rhymeSIGHT ISA module interacts seamlessly with other areas of the rhymeSIGHT system to ensure no breaches in investment limits are incurred.
Ian Hallam, Manager, rhymeSIGHT Business Unit, Rhyme Systems, said, "Rhyme has worked hard to provide these necessary changes to the rhymeSIGHT ISA module in order to give clients the maximum time to incorporate them into their operational infrastructure before April next year. This is particularly significant when set against the backdrop of other very important legislative and regulatory changes due to affect the industry over the next 12 months.”
Rhyme also provides facilities to allow Personal Equity Plan (‘PEP’) administrators to transfer business from their PEP systems to rhymeSIGHT’s ISA module, reflecting the Government’s intention to bring PEPs legislation into line with those that will be in place for ISAs.