The Building Societies Association (BSA); the Tax Incentivised Savings Association (TISA) and UK Finance committed that for 2017, a minimum of 80% of cash ISA transfers would be completed within seven working days.
The BSA/TISA/UK Finance 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 30 September 2017) 88% of cash ISA transfers have been completed within seven working days.
This represents strong progress in the industry’s efforts to accelerate cash ISA transfers and demonstrates that it remains on course to meet the annual 80% commitment.
The Financial Conduct Authority (FCA) previously noted that approximately 66% of all transfers were being completed within seven working days.
The BSA/TISA/UK Finance are continuing to work with our members and the FCA on improving the speed of cash ISA transfers for the benefit of customers and will provide a further performance update at the end of Q4 2017.