The Building Societies Association (BSA); The Investing and Saving Alliance (TISA) and UK Finance 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 UK Finance also committed to track the industry’s performance and report quarterly on progress towards meeting the annual target.
We can report that in the year to date (i.e. from 1 January to 30 June 2020) 81 per cent of cash ISA transfers have been completed within seven working days. The figure reflects the impact of Covid-19 on both ISA customers and providers during April and May. Figures for June showed significant improvement and we are confident that industry will return to pre-pandemic performance levels over the coming months.
The industry will continue to report quarterly throughout 2020 on its performance in aggregate against the 85 per cent floor.