REPORT ON ISA ACCOUNT SWITCHING

Motion Text

That this House notes the recent report by the Office of Fair Trading (OFT) on delays by individual savings account (ISA) providers in switching funds held by individual ISA holders, leading to millions of pounds of interest being lost annually; commends the group Consumer Focus which initiated the OFT investigation; and calls on banks and building societies now to offer the 17 million ISA account holders more competitive rates of interest rather than the derisory rates which are currently on offer.