ISA transfer fees

MarkyMarkD

Well, you can see it that way.

The CAT standards for cash ISAs were pathetic in any case - the rate didn't have to be anywhere close to good; the only consumer-friendly thing was the lack of initial/exit charges. Almost every provider offered better non-CAT products than the few CAT ones others offered, so it was no wonder they are getting phased out.

isasmurf

CAT standards were never intended to be an indication of how good the product was. They were only to set out some terms and conditions for those that weren't comfortable with financial products so they knew what they were getting and there were no hidden charges or restrictions.

somersetapple

Many thanks for the Moneybox link which I've now read!

I'd quite like 5 minutes with Mr.Barber-Kebby! Having read his response to the complaints I am neither pacified or resigned to such blatent side-stepping of the issue.

1. Transfer is " labour -intensive". How exactly? I've asked for a breakdown of this labour-intensive procedure step by step and so far haven't even had the coutesy of an acknowlegement!

2.He says they "make the charge fairly clear" Fairly clear??? Why not crystal clear. I thought the basis of any contract was that both sides were absolutely clear about what they were signing up to!!

3.He says they "did write" to all customers. Well I'm certain if they did tell me about this I would have been querying it!

4.He says " If the information in our literature can be improved then that is something we will look at". Sounds like a man who is aware that things are not as watertight as they should be!!

I STILL await a reply but I warn them my dander is up and I'm on the warpath!!!

Somersetapple!

MarkyMarkD

CAT standards were never intended to be an indication of how good the product was.  They were only to set out some terms and conditions for those that weren't comfortable with financial products so they knew what they were getting and there were no hidden charges or restrictions.

That was exactly my point.

"Standards" which specified nothing meaningful about the value of the product are worthless IMHO.

A "CAT standard" product could attract customers in with a rate 1% above Bank of England Base Rate and then reduce it to a rubbish rate without affecting its CAT compliance.

Whereas many non-CAT standard products gave guarantees regarding their rate compared to BoE base rate.