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Individual Savings Accounts

Volume 493: debated on Friday 12 June 2009

To ask the Chancellor of the Exchequer if he will take steps to establish enforceable limits on the time taken to transfer cash ISAs between providers. (279048)

HM Revenue and Customs rules allow the existing ISA manager a maximum of 30 days to respond to the new manager's request and complete the transfer. HMRC published the results of a cross-industry working group on ISA transfers in their ISA bulletin of 26 August 2008, including guidelines to speed up the transfer of cash ISAs between providers and to improve the efficiency of the process.