The new guidelines have been jointly launched by banks, building societies and Tisa.
A new code, aimed at cutting down on the time taken for money to be transferred between cash Individual Savings Accounts (ISAs), has been unveiled by the British Bankers' Association (BBA).
The representative body, in conjunction with the Building Societies Association (BSA) and the Tax Incentivised Savings Association (Tisa), said that the amount of information being shared by ISA providers should be increased, allowing the transfers to be completed more quickly. The firms also indicated that improvements to the "electronic solutions" which actually handle the transfers would also be implemented in the future.
The move follows complaints from customers of some top-selling accounts, who claim to have lost out on interest payments due to delays in switching their ISA. All three bodies have previously run consultations on the issue, of which the new guidelines are the result.
Angela Knight, BBA chief executive, commented: "ISAs have been an enormously popular means of saving so collectively the industry has taken decisive action to resolve some of the immediate issues facing customers. Now we are moving our focus to the longer term to ensure the ISA transfer process is robust and efficient for customers."
The chairman of Tisa, John Brasington, also said that the new guidelines "provide a welcome impact on the transfer process".
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