Consumers win changes to opaque and inefficient cash ISA market
Consumer Focus welcomes the measures announced by the OFT to address the gross inefficiencies in the cash ISA market, highlighted by us in our super-complaint in March. These first steps will help start to drag the £158 billion cash ISA market into the 21st century.
Cutting the length of ISA transfers to 15 working days could save consumers up to £14.5 million. Removing multiple layers of complexity, confusion and delay will mean that consumers can more easily understand what sort of shape their savings are in and whether they would be better off switching account.
To find out more read our press release