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JP Morgan are no longer offering ISA accounts: should I transfer the ISA 'as is' to another company or liquidate and reinvest?

David | Staffordshire| 09/05/2019 | 0

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David's question in full

I have just received a letter from JP Morgan saying that they will no longer offer ISA accounts from the end of September 2019. I have an ISA with them split into 3 different Investment Trusts (Claverhouse, Japanese and European Smaller Companies). I seem to have a choice of transferring the ISA to another company "as is" or liquidating and reinvesting. Any thoughts on who to invest with and what to invest in?

Phoebe Smith's Response

Hi David, 

As you mention, JP Morgan will soon no longer offer ISA accounts, and they recently reached an agreement to transfer their current ISA clients.

Clients holding their ISAs directly with JP Morgan were typically only allowed to invest in funds run by them, but if they move to another investment platform, they'll be allowed to invest in the whole of the market.

So this may be something you'd like to consider when making your decision.

Unfortunately we can't offer you advice on who to invest with and what to invest in, as this would count as 'regulated' advice - which financial advisers are allowed to offer you. We are not currently regulated by the FCA and so we aren't regulated to give personal financial advice.

It is up to you to decide if you'd like to keep your ISA intact. However do bear in mind that ISAs benefit from tax exemptions, so any profit you currently make from your ISA investment is tax-free.

Hope this helps,

Phoebe

 

 

Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

Our Expert

Phoebe - pink Ask.jpg

Phoebe Smith

After finishing her masters degree, Phoebe began working life at the pan-European stock exchange Euronext, before joining Boring Money. She loves the challenge of working at a financial start-up, and takes every opportunity to learn more about the finance industry.

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