Bacs cookie policy

We use cookies on our website to provide you with the best possible online experience. By continuing to use this site, you give consent for cookies to be used. Please read our cookie policy for more information and details on how to change your preferences. Cookie Policy.

Cash ISA Transfer Service

 

Service overview

The Bacs Cash ISA Transfer Service automates the communication between an acquiring party and a ceding party for a cash ISA transfer. It involves information exchanges (messages) between both of the parties.Participants are registered to use the service by Bacs Scheme members. A participant is registered on the service as a service user and is identified by a Service User Number (SUN).The service supports transfers of:

  • An adult Cash ISA to another adult Cash ISA
  • An adult Cash ISA to an adult Stocks and Shares ISA
  • A junior Cash ISA to another junior Cash ISA
  • A junior Cash ISA to a junior Stocks and Shares ISA
  • The payment to transfer the balance is outside the scope of the service.

Eligibility criteria

To use the Cash ISA Transfer Service a participant must meet the eligibility criteria.Participants must:

  • Carry out business and operate an office within the European economic area
  • Be approved to offer ISA products by HMRC
  • Have relevant FCA permissions
  • Have the ability to comply on a continuous basis with the technical and operational requirements of the Cash ISA Transfer Service as set out in the operational documents relating to that service from time to time
  • Have completed a Direct Debit Instruction to enable payment of charges referred to below
  • Pay the agreed charges for usage of the Cash ISA Transfer Service and any other transaction based costs that may apply
  • Agree to be bound by the Guide and Rules to the Bacs Cash ISA Transfer ServiceProvide details of anticipated annual volumes of automated Cash ISA Transfers. This information shall be supplied to a designated official of Bacs who is under duty not to disclose the information to other participants other than in aggregate form for planning purposes
  • Be able to send and receive CHAPS and/or Faster Payments (and/or by exception only Bacs payments) - this may be through an Agency Agreement.

Applying to use the service

ISA providers wishing to apply to use the service should complete an application form. Once Bacs has received the application and the applicant has been assessed against the eligibility criteria, successful applicants will be given access to documentation to both further their application and prepare for using the service. This documentation will include a take-on process which will incorporate a testing requirement.

In addition to contacting Bacs about using the service, applicants will also need to obtain technology from a Bacs member bank to enable them to submit and receive messages in a secure and safe manner.

Bacs proposes to offer two testing windows in 2017, reflecting the approach adopted in previous years. The first of these took place in February and the next opportunity will be in October. Applicants are advised to allow 4 months before testing commences to ready themselves for using the service and so applications should be submitted as early as possible. The number of applicants that can be accommodated in each window is limited and spaces will be allocated on a first come first served basis.

For more information about the service or to access operational and reference documents relating to the Bacs Cash ISA Transfer Service visit Cash ISA Transfer Service.

Bacs Cash ISA Transfer Service application form.

To apply to use the service download and complete the application form


Links to extra information relating to the page you are on
 
Information Hub
Minimize Cash ISA Transfer Service
SHOWING 5 OF 5 SHOWING 5 OF 5
NOT REGISTERED YET? Some areas and assets are password protected and only available to eligible registered users. To gain access to all the information you need register for your password and log in first every visit REGISTER