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ISA Transfers In Chaos

A recent investigation by the Daily Mail Money team found that the UK ISA sector is in total chaos with many customers now unsure exactly what is happening with their ISAs, who is in control and even where their money is!

It has been reported that many ISA providers are taking literally months to complete tasks which should only take a maximum of 30 days, leaving many customers out of pocket or missing investment opportunities. Top of the shame league is Nationwide which has now stopped accepting ISA transfers until their massive backlog is under control. But why the problem? What is happening?

ISAs have been one of the more successful of the new financial instruments introduced over the last fifteen years with literally something for everyone, whether investing for yourself, your family or a friend. This is the reason why the system is in such chaos as the moment, and why there is a possibility of numerous claims set to hit some of the UK's main ISA providers.

Under ISA rules the providers have 30 days to complete a variety of tasks and any delay over that cut off point may well leave them open to some kind of legal action. While legal action has not yet hit the courts, it seems as though there are more than enough people queuing up to be the first.

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