The ISA bulk transfer draft regulation proposes that new ISA managers will no longer need to make a fresh application for every single account transferred across from the previous ISA manager.
A new application will be needed only when the investor adds money to their ISA account for the first time after the transfer has taken place.
Julie Patterson, IMA Director of Authorised Funds and Tax, said:
“HMRC have made a number of suggestions which will make ISAs more efficient. Speeding up the transfer process is one such welcomed measure. Removing unnecessary administration burden will make bulk transfers from one manager to another quicker and simpler for both managers and investors.”