The Building Societies Association (BSA); the Tax Incentivised Savings Association (TISA) and UK Finance (UKF) committed that for 2019, 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) 94 per cent of cash ISA transfers have been completed within seven working days.

This performance demonstrates that the industry is on course to exceed the minimum target for cash ISA transfers throughout 2019.

The industry will continue to report quarterly throughout 2019 on its performance in aggregate against the 85 per cent floor.