A voluntary agreement between The Building Societies Association (BSA), The Investing and Saving Alliance (TISA) and UK Finance, sets a target of a minimum of 85 per cent of cash ISA transfers to be completed within seven working days for 2021.

Collectively, the industry can report that 84 per cent of cash ISA transfers were completed within this timeframe during 1 January 2021 to 31 December 2021.

The performance figure reflects the continued impact of Covid-19 on the operational capacity of providers throughout the year. We are confident that industry will be able to return to pre-pandemic performance levels in excess of 85 per cent over the coming months, assuming the impact of the pandemic recedes as expected.

The industry will continue to report quarterly throughout 2022 on its performance in aggregate against the 85 per cent floor.