The Tax Incentivised Savings Association has announced it will change its name as its chairman prepares to step down.
The cross-industry body has rebranded to the The Investing and Saving Alliance, keeping the organisation's former acronym, amid a "significant" number of members voicing concerns its original name "no longer fully reflected the range and scope of Tisa's work".
The name change was formally approved by members in June 2019 as part of the body's rebrand drive and comes as its chairman of three years Clive Shelton is due to step down from the role, on completion of his term of office at the end of this month.
Mr Shelton first joined Tisa shortly after its inception in 1991 and has since served as its advisory council on the body's board, then becoming deputy chairman in 2000 and chairman in 2016.
Tisa's deputy chairman Tony Stenning will become interim chairman while a permanent successor is appointed.
Mr Shelton said: "I am extremely proud to have been involved in the leadership of the organisation over many years and to have been its chairman over the last three years when the organisation has gone through a significant period of development.
"Thanks to the hard work of the whole team at Tisa it has been a tremendous success story and I leave the organisation in very capable hands."
The name change, Mr Shelton said, will better reflect the body's "much broader" remit, which has grown in recent years to include financial guidance, vulnerable customers, children’s financial education and retirement savings.
David Dalton-Brown, chief executive of Tisa, said: "Our new name and visual identity will be a fitting legacy to the enthusiastic support and counsel Clive has given to Tisa, particularly as our chairman.
"During his tenure Tisa's range of interest areas has expanded to now encompass a range of additional projects designed with the consumer in mind. Our digital projects in particular are leading the way to deliver benefits to consumers and industry alike."
Tisa also provides technical support to members in interpreting incoming regulation such as the Senior Managers and Certification Regime, due for implementation across the wider financial services industry later this year, and the recently introduced Mifid II.
Mr Dalton-Brown added: "We believe that changing our name to The Investing and Saving Alliance enables us to better showcase our commitment and credentials around improving the financial wellbeing of UK consumers, while retaining the acronym by which we are known.
"This should help us better meet the challenges that lie ahead both for UK consumers and the financial services industry."
rachel.addison@ft.com
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