Cash ISA Transfer Service
The Cash ISA Transfer Service automates the communication between the two financial organisations (new and old) involved in a Cash ISA transfer. It replaces the manual paper-based process only when both Individual Savings Account (ISA) providers are participants of the service. If one provider does not use the service, then the transfer will have to be completed via the paper-based process.
Launched in 2012, the service was developed in response to the changing regulatory landscape relating to the speed of the transfer of Cash ISAs, and has gone on to facilitate the transfer of over six million ISAs across 82 participating brands.
The service supports transfers of:
An Adult Cash ISA to another Adult Cash ISA
An Adult Cash ISA to an Adult Stocks and Shares ISA
A Junior Cash ISA to another Junior Cash ISA
A Junior Cash ISA to a Junior Stocks and Shares ISA
An Adult Cash ISA to an Innovative Finance (IF) ISA.
The benefits:
For Cash ISA providers, the service results in an increase in the quality and ease of the transfer of Cash ISAs, due to the automation and standardisation of information flows between providers
Consumers benefit from an improved experience as transferring is easier and may be faster as there is a standard process that providers follow
There is a reduction in the amount of paper used in the process. This is environmentally beneficial and cost efficient, due to the absence of forms, envelopes and postage
Automation of the information flow means that there is certainty of delivery and receipt of the information passed from one provider to another
There is an audit trail available for all Cash ISAs transferred in the event of a dispute
It assists in the adherence to industry Service Level Agreements for transfers.
If you are a Cash ISA provider and would like to apply to use the service, please contact the Pay.UK onboarding team at access@wearepay.uk to request an application form. Once received, the application will be assessed against eligibility criteria. Successful applicants will then be given access to documentation to prepare for service use, including details on the service’s take-on process, which will incorporate a testing requirement.
Applicants will also need to obtain technology from a payment service provider (PSP) participant in the Bacs Payment System or the Faster Payment System to enable them to submit and receive messages in a secure and safe manner.