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 89 per cent of cash ISA transfers have been completed within seven working days for the period 1 January to 30 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.