A voluntary agreement between The Building Societies Association (BSA), The Investing and Saving Alliance (TISA) and UK Finance, sets a target of a minimum of 85 per cent of cash ISA transfers to be completed within seven working days for 2022.

Collectively, the industry can report that 90 per cent of cash ISA transfers were completed within this timeframe between 1 January 2022 and 31 March 2022.

The industry will continue to report quarterly throughout 2022 on its performance against the 85 per cent floor.

Ends