Cash ISA Transfer Performance – Q1 2018
The Building Societies Association (BSA); the Tax Incentivised Savings Association (TISA) and UK Finance (UKF) committed that for 2018, a minimum of 85 per cent of cash ISA transfers would be completed within seven working days.
The BSA/TISA/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 (i.e. from 1 January to 31 March 2018) 92 per cent of cash ISA transfers have been completed within seven working days.
This represents good progress in 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 continue to report quarterly throughout 2018 on its performance in aggregate against the 85 per cent floor.
Ends….
Notes for Editors
TISA is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators.
TISA’s growing membership comprises more than 170 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
Current themes of TISA policy work include:
• Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale
• Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities
• ISA’s: LISA, simplification of the regime
• Retirement saving: the Auto Enrolment review, self-employed and pension tax relief
• Housing: the use of property to supplement retirement income
• Guidance: developing a framework and services to make guidance more widely available
• Education: supporting the education of young people to make them aware of the impact of finance on their life.
TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes. This work currently includes: MiFID II, CASS, the UK Fund Trading & Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.