A review published today claims providers of cash ISAs have shortened transfer times significantly since the Office of Fair Trading (OFT) intervened in 2010.
The review, released by the OFT at the start of the cash ISA switching season, found that more than 90% of all cash ISA transfers carried out last year were completed within a new 15-working-days guideline. Additionally, providers of cash ISAs are now back-dating interest if the transfer is delayed beyond this, and are publishing interest rates on cash ISA statements. The review found that 93% of cash ISA transfers in 2011 were completed within the new 15 working day guideline. That initiative was agreed in June 2010 following a super-complaint from Consumer Focus. All providers...
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