Government CAT Standards
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The UK government introduced CAT standard to define fair Charges, easy Access and decent Terms for ISA's. For Mini Cash ISAsCharges: No one off or regular chargesAccess: Withdraws within 7 days and no minimum transaction larger than £10 Terms: Rates should follow base rate, upwardly within one month, downward as the company chooses. The rate cannot be less than the base rate - 2%. For Stocks and SharesCharges: No more than 1%Terms: You must be allowed to save as little as £50 per month or a £500 lump sum. For Life InsuranceCharges: No more than 3%Terms: You must be allowed to save as little as £25 per month or a annual £250 lump sum. More information can be found on the Financial Services Authority: ISA's What are CAT standards?. |
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government cat standards