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ISA Transfer timescales?
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I am no lawyer, but....
The FSA words seem slightly less strong than the ones from www.legislation.gov.uk. I would think the latter takes precedence.
In 10.1 of the explanatory note, it says:
The "new regulation 21A" is this document, which clearly stipulates the timescales (13 business days plus 1 day each for first class post = 15 business days).The impact on ISA managers is that they will need to ensure that they have processes in place to make cash ISA transfers within the time limits as specified in new regulation 21A of the principal Regulations.
The fact that the BBA guidelines state that all providers will pay interest from no later than the 16th business day support the view that there is legislation all providers need to comply with.0
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