In 2017, the Building Societies Association (BSA), the Tax Incentivised Savings Association (TISA) and UK Finance (UKF) committed to a minimum of 80 per cent of cash ISA transfers being completed within seven working days.
Collectively, the industry can now report that 89 per cent of cash ISA transfers were completed within seven working days during the 12 month period from 1 January 2017 to 31 December 2017. 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 BSA, TISA and UKF are continuing to work with our members and the FCA on improving the speed of cash ISA transfers for the benefit of customers.
For 2018 our members have committed to increase the cash ISA transfer performance floor from 80 per cent to 85 per cent.
The industry will report quarterly throughout 2018 on its performance in aggregate against the 85 per cent floor, starting in April 2018.