The Building Societies Association (BSA); The Investing and Saving Alliance (TISA) and UK Finance (UKF) committed that for 2020, a minimum of 85 per cent of cash ISA transfers would be completed within seven working days.
The BSA, TISA and UKF also committed to track the industry’s performance and report quarterly on progress towards meeting the annual target.
We can today report that in the year to date (i.e. from 1 January to 31 March 2020*) 94 per cent of cash ISA transfers have been completed within seven working days.
The industry will continue to report quarterly throughout 2020 on its performance in aggregate against the 85 per cent floor.
* It should be noted that this figure does not reflect the potential impact of Covid-19 on both ISA customers and providers.