Isa providers must speed up transfers of cash accounts, says OFT

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The Independent Online

Savers will be able to transfer their cash Isas more quickly from next year to gain from better deals and earn bigger returns.

The Office of Fair Trading said the time taken to transfer funds between Isa providers should be cut from the current 23 working days to 15, under new guidelines agreed with the industry. The watchdog group Consumer Focus, which lodged a "super-complaint" about Isa transfers with the OFT in March, said savers could earn up to £14.5m in extra interest as a result.

There will also be clearer information on interest rates, which will be printed on the face of statements from early 2012. However, the OFT rejected complaints about headline-grabbing bonus rates that entice savers.

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