TISA welcomes FCA Cash ISA switching policy statement
TISA, the investments and savings membership association, has welcomed today’s FCA Policy Statement (PS 15/27) setting a target for a minimum of 80% of Cash ISA transfers to be carried out within seven working days.
Carol Knight, TISA’s Chief Operations Officer said:
“TISA is a long-standing advocate of providing consumers with the ability to switch savings accounts more quickly and efficiently, be that investments or cash. Working with the trade associations and providers we have seen switching times consistently fall and this latest announcement from the FCA is another step in the right direction.
“It’s encouraging that the FCA notes that approximately 66% of Cash ISA transfers already take place within seven days. However, we recognise that further improvements can be made and will continue to work with the industry, regulators and HMRC to bring this about.”
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For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker – Telephone: 020 7680 6538/EmailJessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.