9th January 2017

Revised version of the cross-industry Cash ISA to Cash ISA Transfer Guidelines

The BBA has published a revised version of the cross-industry Cash ISA to Cash ISA Transfer Guidelines which were last updated in December 2012.

The revised Guidelines, which come into effect on 1 January 2017, reference the voluntary industry agreement on Cash ISA transfer performance, whereby BBA, BSA and TISA have agreed that from 2017 a minimum of 80% of transfers will be carried out within 7 working days.

The Cash ISA transfer process set out in the Guidelines reflects providers’ legal requirements to complete transfers within 15 working days.

The Guidelines also include:

  • pending arrangements for structured cash ISA products, where the product terms and conditions restrict access and do not permit the transfer to another provider prior to/until a future date
  • a Model Transfer Authority Form, designed to reduce completion errors; drive cross-industry consistency and support improved customer understanding. The form has been subjected to a ‘plain English’ review.
  • potential remedies for the ceding provider where the new provider is unable to accept a transfer beyond a certain deadline.

The revised industry guidlines are available below.

Please register or login to add this to your interests.