A voluntary agreement between The Building Societies Association (BSA), The Investing and Saving Alliance (TISA) and UK Finance required a minimum of 85 per cent of cash ISA transfers to be completed within seven working days for 2020.

Collectively, the industry can report that 81 per cent of cash ISA transfers were completed within seven working days during the 12-month period from 1 January 2020 to 31 December 2020.

The performance figure reflects the significant impact of Covid-19 on the operational capacity of providers throughout the year. We are confident that the industry will return to pre-pandemic performance levels in excess of 85 per cent over the coming months.

The industry will continue to report quarterly throughout 2021 on its performance in aggregate against the 85 per cent floor.