moneysupermarket.com: ISA cash transfers

Commenting on ISA providers aiming to speed up the cash transfer and opening process to a maximum of two weeks, Kevin Mountford, head of savings at moneysupermarket.com, said: "It's great news that the industry has finally recognised there is a problem with ISAs. Our research has found that 15 per cent of ISA transfers in the past two years have taken over a month.

"Our forums at moneysupermarket.com have not only had savers irate with the transfer process, but also people at their wits' end with how long it is taking to simply open an ISA. Hopefully, the new guidelines will go some way towards ensuring this chaotic process is improved.

"It is disappointing there isn't a guarantee that institutions will adhere to the suggested time limit and I fear further intervention will be needed before transferring or opening ISAs becomes a seamless process."