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PPI Claim News - 29/6/2010

Bank claims: Cash ISA transfers to be speeded up

Cash ISA transfers are to be speeded up under new guidelines, it has been revealed.

The Office of Fair Trading (OFT) has issued new legislation which stipulates banks must complete a transfer within 15 days of its request.

Banks have also agreed that interest will start to accrue within two days of the funds being transferred.

The new measures follow a super complaint by Consumer Focus to the OFT detailing the long delays many consumers faced when transferring funds between cash ISAs.

"We live in the age of keyboards, not quills. ISA transfers should take days not weeks, certainly not over a month. For competition to work for consumers, they need to be able to switch simply, quickly and with the right information," said Mike O'Connor, chief executive of Consumer Focus.

Around 17.5 million Britons have £143 billon invested in cash ISAs.

The new guidelines will come to effect on December 31st 2010.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-19864294-ADNFCR

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