Finance
UK Asset Managers Race to Fix ISA Error Allowing TSMC Trades
- Fidelity looking at how TSMC was erroneously offered in ISAs
- AJ Bell says administrative error impacted a few customers
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Investment platforms in the UK ranging from AJ Bell Plc to Fidelity International are scrambling to fix an error that allows clients to trade in some ineligible stocks on their tax-free accounts, while customers fear potential losses.
Fidelity said it’s investigating how its platform permitted trading in Taiwan Semiconductor Manufacturing Co., which doesn’t qualify under HM Revenue & Customs’ tax guidelines for the Individual Savings Account. AJ Bell said it recategorized the stock after the mistake was pointed out by a customer, according to a memo seen by Bloomberg News.