Cash ISA transfer times update
In 2017, the Building Societies Association (BSA), the Tax Incentivised Savings Association (TISA) and UK Finance (UKF) committed to a minimum of 80 per cent of cash ISA transfers being completed within seven working days. Collectively, the industry can now report that 89 per cent of cash ISA transfers were completed within seven working days during the 12 month period from 1 January 2017 to 31 December 2017. This performance demonstrates the industry’s commitment to improving customer outcomes through faster cash ISA transfers.
The Financial Conduct Authority (FCA) previously noted that approximately 66 per cent of all transfers were being completed within seven working days prior to 2017.
The BSA, TISA and UKF are continuing to work with our members and the FCA on improving the speed of cash ISA transfers for the benefit of customers.
For 2018 our members have committed to increase the cash ISA transfer performance floor from 80 per cent to 85 per cent.
The industry will report quarterly throughout 2018 on its performance in aggregate against the 85 per cent floor, starting in April 2018.
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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.