The time taken to transfer in and out of a stocks and shares ISA has dramatically reduced, according to some of Britain’s biggest fund managers.
One of the major setbacks of managing investment ISAs has been the length of time it takes to make transfers in and out of these funds.
But major brokers including Hargreaves Lansdown and Fidelity Personal Investing are claiming that the time taken to transfer in and out of their online ISA management platforms has dramatically reduced this year, to an average of just six days.
This signals a considerable improvement from the beginning of the year, when savers needed to wait a month or longer before funds in or out of their ISA plans were processed.
The delays were a cause of concern to analysts ahead of the new ISA regulations introduced in July.
It was thought that the new rules, which allow savers to switch between cash and stock ISAs without restriction for the first time, might cause problems for brokers if transfer turnaround times continued to lag well behind cash ISA transfers.
Danny Cox of Hargreaves Lansdown, Britain’s biggest broker, confirmed that transfer speeds were much improved.
“The time it takes to transfer an Isa in or out has improved since the start of the year, as more providers and fund groups invest in the technology to allow electronic transfers,” he said.
“At quickest a transfer that involves funds will normally be done within six days.”
However, self-invested personal pensions, or Sipp accounts, still require longer waits of up to three months to transfer because of the administrative work involved.
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