Consumers who have experienced problems with their tax-free savings accounts can have their experiences recorded by the Office of Fair Trading and Which?, as part of a two-pronged attack on poor practice.
The Office of Fair Trading (OFT) has produced a questionnaire designed to elicit responses from consumers who have experienced trouble with their cash Isa. This could involve transfer delays when trying to move savings from one Isa to another, falling interest rates, or good offers – used to entice customers – being shelved after a few months.
The OFT is collecting information through a questionnaire to support a super-complaint bought by Consumer Focus, the UK public body. Consumer Focus estimates that 15 million cash Isa customers are losing up to £3 billion in interest due to shoddy provider tactics.
Which? is also collating evidence from the public to support calls for the industry to clean up its act. The Which? Banking Campaign site has already heard from consumers who have experienced frustration and financial loss due to the way the Isa market operates.
One contributor told the Which? Your Stories forum: ‘I have just received the interest from my 60 day ISA account from the Royal Bank of Scotland. To say I was disappointed would be the understatement of the decade. I have over £21,000 in the account and received just £21.68 in interest.’ She added: ‘They advertise ISAs with decent interest rates to entice new customers, but it seems at the cost of existing customers. I feel I have been robbed by them.’
Consumers can add their own Isa horror stories on the Your Stories webpage. To find out more about how Isas work, read the Which? guide and read our Cash Isa reviews.
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