Financial requirement - cash / ISA shares account

My wife has applied for her second FLR M visa. We used my savings in the form of shares in an ISA account to qualify for the £62,500 plus requirement. The shares are liquid with a clear cash value.

The case preparation officer has written to state:- "As per Appendix FM-SE of the Immigration Rules, the money available must be held in cash for the 6 months prior to your application. Any funds held as investments, stocks, shares, bonds or trust funds must be transferred to cash in order for you to rely on this, and you are only able to rely on this amount from the date that it was transferred into cash."

This appears to be an incorrect statement unless the rules have recently changed.

Xxxxxxx write on their website:- "The rules also allow you to liquidate your assets to convert them into cash savings. But it is good to know that it is possible to use a certain investment account to meet the requirements, without the need to liquidate the investment. We note that this may suit some people better, as it might not be the best time to liquidate an investment account due to the market being down, or because early selling penalties may apply.”

I understand the cash value of the shares must be clear and the account must be an ISA account or share investment account that is not a brokerage account and must meet the criteria in rule 11 and 11A (it does and I have a letter from the broker, xxxxxxxxx, confirming as such.

Can anyone please confirm that shares in a regulated ISA with a clear cash value meeting all the other criteria specified in rule 11 & 11A can indeed be used as 'savings' even if they are not liquidated?

From everything I have read and understood, it looks like the officer has made a significant mistake and that's both disappointing and unnerving.

Many thanks to anyone who can clarify this.
Thanks,
Nick

The relevant part of the rules as far as I can see:-

From the govt website: https://assets.publishing.service.gov.u ... rement.pdf

"For example, in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does meet the definition of a savings account and the funds can be considered as cash savings if all the requirements above are met."

In the above they are not just referencing 'funds' as being synonymous with "cash" from liquidating share positions in a stocks and Shares ISA.

This is clear as they also refer to "cash OR a "cash value (that) is clear". I have seen several other applicants note on various forums state that the value of unliquidated shares within an ISA has been accepted for the financial requirement.

As mentioned, the rules give criteria that state that "the savings are held in cash (OR their cash value is clear).. (My bold and capitals). This 'or' obviously references something different to cash and within the stocks and shares ISA account that the rules say is eligible this "OR" with a " cash value (that) is clear" is obviously going to be stocks and shares. It can't be anything else. Listed shares obviously have a cash value that is clear.

The rules also state that a brokerage account (where the broker picks the shares) is not eligible. A stocks and shares ISA is not a brokerage account as I select the shares to buy and sell as I please. Regardless, the preparing case officer has made the stance clear - cash is accepted but unliquidated shares aren't.

The full criteria are as follows and the Hargreaves Lansdown stocks and shares ISA meets every part of these criteria.

These are the requirements that must be met:
the bank/savings account is a current, deposit or investment account
the account is held is (sic) a financial institution regulated by the appropriate regulatory body for the country in which that institution is operating
the financial institution is not on the list of excluded institutions under the Immigration Rules
regular bank statements are provided
the statements cover the necessary time period required in the Immigration Rules
the savings are held in cash (or their cash value is clear)
the savings can be immediately withdrawn (with or without penalty)
the funds are under the control of the person and/or their partner for the necessary time period required in the Immigration Rules

Does anyone have knowledge of whether my interpretation of the rules is correct? I don't think the rules are even ambiguous as it says (based on a logical and reasonable understanding of the text) that an element (obviously shares) within an investment stocks and shares ISA is eligible if the non-cash element has a clear value and it meets the above criteria listed.