From The BBC:
Cash ISA transfers could still take more than four weeks despite new guidelines.
Angela Knight, chief executive of the British Bankers’ Association says the aim is to “get it done quicker”.
The proposals follow customer complaints about long delays and lost interest.
But although the guidelines could speed the transfer up to 23 working days, without loss of interest, they are not enforceable.
Keeping savings in cash has become much more popular since the start of the credit crunch.
And cash ISAs in particular have seen more interest, due to their tax-free status.
Customers wanting to benefit from the best rates can transfer their money between some providers.
This could mean the transfer took months, leaving a customer’s money in limbo.
And many had to complain to get lost interest restored.
Numerous complaints prompted the British Bankers’ Association (BBA), the Building Societies Association (BSA) and the Tax Incentivised Savings Association (TISA) to g…
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