It's pleasing to see that Kevin has picked up on an issue which has already been raised in the forum. It is a very relevant report and hopefully will move things forward.Organisations like MS,who make their money from customers of ISA markets and the like are well advised to support the genuine concerns often voiced about diminishing standards of service.
Nationwide is a classic example,and there are many others.They have finally withdrawn their ISA transfer process having got themselves into an almighty pickle.I have received postdated letters telling me they are behind with my application for a two year fix at 6.15%.(2 months and running) At the time, a mouthwatering offer which they could not meet,either then or apparently now.Pathetic.Just recruit more processing staff,don't just delay!!
Why can't the FSA act on this? I have written to them to complain and will be interested to see what they say. Since mine and others complaints,things seem to be moving. Any coincidence?
Solutions? So let's get stronger with regulation and penalties.If they can't meet the demand ,say within 14 days,they pay the penalty of backdating interest plus a further £50 for failure to meet the deadline. No questions,no argument,you have 14 days to action the transfer out and 14 days to transfer in.Almost the same as the overall IR guideline of 30 days.Easy.
End of story.Happy customers.Working market.