Confusion over Isa treatment in EU directive

The treatment of Isas under the EU's distance marketing directive (DMD) is currently unclear as to w...

The treatment of Isas under the EU's distance marketing directive (DMD) is currently unclear as to whether the wrapper carries post-sale cancellation rights or not. The DMD covers financial products sold at a distance, defined as via the telephone, internet, fax or post. The IMA has written to the FSA for clarification on this matter, as firms have already implemented systems to meet the directive and differing interpretations could cause confusion. Under the DMD, which had an initial deadline date of 9 October, the FSA has removed mandatory cooling off periods, or cancellation rights, f...