Full details will be unveiled of the Treasury's plans to make saving easier by giving its so-called "CAT" benchmark to ISAs meeting its standards of cost, access and terms. Fund managers have fought against a proposal, supported by Richard Branson's life company Virgin Direct, to endorse unit trusts within an ISA only if they track an index such as the FTSE All-Share. Initial proposals would have refused the government's CAT- mark to ISAs run by active fund managers. However, fund managers may instead be forced to trim their charges.
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THE GOVERNMENT is today expected to back away from its controversial refusal to endorse City fund managers as providers of Individual Savings Accounts when they come on stream next April.