Cash ISA Transfer Performance – H1 2019
The Building Societies Association (BSA); The Investing and Saving Alliance (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 (1 January to 30 June) 91 per cent of cash ISA transfers 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.
Notes for Editors
TISA’s ambition is to improve the financial wellbeing of UK consumers by bringing the financial services savings industry together to promote collective engagement, to deliver solutions and to champion innovation for the benefit of people, our industry and the nation.
We do this by focusing on good consumer outcomes and harnessing the power of our broad industry membership base to deliver practical solutions, new digital infrastructure and by devising innovative, evidence-based strategic proposals for government, policy makers and regulators. This holistic approach to address the major consumer issues uniquely positions TISA to deliver independent insight, promote innovation and facilitate good practice.
TISA’s rapidly growing membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
TISA will unveil Vision 2025 – our strategic policy roadmap towards delivering a material impact in enhancing consumers’ financial wellbeing at our Annual Conference in December 2019. Our current strategic policy focus includes making financial guidance more widely available; financial education for young people; retirement savings and addressing consumer engagement, particularly for the vulnerable.
Complementing our development of consumer policy and thought leadership, TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives (TeX/STAR, Digital ID, MiFID II and Open Savings & Investment). This reflects TISA’s commitment to open standards and independent governance.
TISA is also recognised for the support it provides to members on a range of operational and technical issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations. This work currently includes MiFID II, CASS, SM&CR and addressing cybercrime.