The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
The British Bankers’ Association (BBA), the Building Societies Association (BSA) and the Tax Incentivised Savings Association (TISA) committed that for 2017, a minimum of 80% of cash ISA transfers would be completed within seven working days.
The BBA/BSA/TISA have 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. to the end of Q1 2017) 85% of cash ISA transfers have been completed within seven working days.
This represents strong progress in the industry’s efforts to accelerate cash ISA transfers and demonstrates that it is on course to meet the annual 80% commitment.
The FCA previously noted that approximately 66% of all transfers were being completed within seven working days.
The BBA/BSA/TISA are continuing to work with our members and the FCA on improving the speed of cash ISA transfers for the benefit of customers and will provide a further performance update at the end of 1H 2017.
For more information please contact the BBA press office on 020 7216 8989.