In 2017, the Building Societies Association (BSA), the Tax Incentivised Savings Association (TISA) and UK Finance (UKF) confirmed a new voluntary agreement, committing to a minimum of 80 per cent of cash ISA transfers being completed within seven working days.
Following the success of this initiative, the industry reviewed the benchmark, increasing it to a minimum of 85 per cent of transfers being completed within the same timeframe for 2018
Collectively, the industry can now report that 90 per cent of cash ISA transfers were completed within seven working days during the 12-month period from 1 January 2018 to 31 December 2018. This performance demonstrates the industry’s commitment to improving customer outcomes through faster cash ISA transfers.
The Financial Conduct Authority (FCA) previously noted that approximately 66 per cent of all transfers were being completed within seven working days prior to 2017.
The 2019 cash ISA transfer performance floor will be unchanged at 85 percent; however, our members will continue working to exceed and, if possible, increase the percentage of cash ISA transfers completed within seven working days.
The industry will continue to report quarterly throughout 2019 on its performance in aggregate against the 85 per cent floor.