The Investment Management Association (IMA) has responded favourably to the bulk ISA transfer draft regulations released by HM Revenue & Customs (HMRC).
The draft regulations, published in the HMRC's ISA bulletin number 42 late last month, state that ISA managers will no longer need to make a fresh application for every account transferred from the previous ISA manager.
A new application will only be needed when the investor adds money to their ISA account for the first time after the transfer.
The aim is to reduce the administrative burden faced by new ISA managers and speed up the transfer process.
Julie Patterson, IMA director of authorised funds and tax, said: "HMRC has made a number of suggestions which will make ISAs more efficient. Speeding up the transfer process [in this way] is one such welcomed measure."
The body said it had no further comments on the draft regulations.
The IMA represents the UK investment management industry including independent asset managers, the investment management arms of retail banks, life insurers and investment banks, and the managers of occupational pension schemes - a significant number of these members are also ISA managers.
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