Virgin Money supports BBA proposals

Virgin Money has welcomed new guidelines by the British Banking Association (BBA) to improve the process of ISA transfers.

The BBA, in conjunction with the Building Societies Association (BSA) and the Tax Incentivised Savings Association (TISA) has recommended a five step plan to improve the transferring of ISAs between providers.

The proposals include the stipulation that new ISA managers should ensure that the transferred funds are credited to the ISA investors account within 5 business days and that firms should ensure a quick and efficient turnaround in paperwork.

Grant Bather, spokesman at Virgin Money, said: "People shouldn't be kept in the dark about where their money is and anything that can be done to improve the efficiency and turnaround times of financial providers, without proving detrimental to service has to be welcomed.

With consumers becoming less likely to stay with one financial institution their adult life, savers need to have the flexibility to move quickly and easily, without penalty.

Virgin Money has a clear and concise procedure and will process a complete request on the day it is received and issue the funds the following business day."