Aug 27 2008
Individual savings accounts (Isas) are a popular choice for parents, grandparents and godparents who are saving for children. However, the transfer process may be confusing and it should be clarified, the British Bankers' Association (BBA) has said.
The BBA, along with the Tax Incentivised Savings Association and the Building Societies Association (BSA) are working towards helping Isa providers change the system to make it more organised for savers.
Speaking about new guidelines set for providers, the BBA's chief executive Angela Knight said the product was "enormously popular" but needed to be more "robust and efficient".
Director-general of the BSA Adrian Coles added that building societies are conscious of difficulties customers may face when they try to transfer Isas.
"We believe that these guidelines are a good first step to simplify the process, improve communication and ensure the customer gets a better level of service," he said.
In other news, Marks and Spencer has warned parents to prepare for damage caused by children, after research carried out by ICM revealed £16.8 million worth of damage to homes results every year from parties.
