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 30 June 2018) 89 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.