As regards the FSCS scheme problem. You cant keep opening another ISA every time you hit £50k, the admin would get too much. It is bad enough with cash accounts, I should think a lot of equity ISAs would be a pain in the neck. Gengulphus wrote an interesting post about the problem a while ago, which he summarised here

http://boards.fool.co.uk/the-fscs-compensation-for-investmen...

Yes, breelander, I skipped a bit there. You have transfer old cash and then replace it with new cash. But if splosh has not got an old cash ISA handy , and hasnt contributed the full amount this year, there is the opportunity to set one up in the next couple of days.

T