13th November 2018

Industry reports timely transfer of Cash ISAs for first nine months of 2018

The Building Societies Association, the Tax Incentivised Savings Association, and UK Finance committed that for 2018, a minimum of 85 per cent of cash ISA transfers would be completed within seven working days.

The organisations also committed to track the industry’s performance and report quarterly on progress towards meeting the annual target.

UK Finance said: “We can … report that 89 per cent of cash ISA transfers have been completed within seven working days for the period 1st January to 30th September, 2018.

“This performance represents good progress resulting from the industry’s efforts to accelerate cash ISA transfers and demonstrates that it is on course to meet the annual 85 per cent commitment.

“The industry will report on full 2018 performance in aggregate against the 85 per cent floor, early in the New Year.”