Price comparison site welcomes improvements to ISA processes
1st September 2008
A price comparison site has welcomed news that some ISA providers are planning to improve the time it takes to transfer cash and open an account to a maximum of two weeks.
Head of savings at moneysupermarket.com, Kevin Mountford, said that the company's research had revealed that some 15 per cent of ISA transfers have taken over a month to process.
Mr Mountford said: "It's great news that the industry has finally recognised there is a problem with ISAs."
He described the frustration of customers who had experienced issues with the transfer process and said that "hopefully, the new guidelines will go some way towards ensuring this chaotic process is improved".
The Buildings Society Association has suggested that uncertainty relating to the economy has led people to invest in their savings.
Their research has revealed that building societies received £1.4 billion of savings in July – double the amount saved last year.