Budget 2012: Government to make ISA market more transparent

The UK government has pledged to improve transparency and competitiveness in the individual savings account (ISA) market.

The government will work alongside the industry in targeting improvements to transfer periods and information exchange.

“The government encourages industry to reduce transfer periods as far as possible, making use of technological advances in how funds are transferred and how information is exchanged between providers,” the Budget revealed.

The Money Advice Service will additionally introduce web-based resources to show consumers when ISA bonus rates are ending.