50th organisation commits to improve pension and investment transfer outcomes
14 November 2019
STAR, a joint venture between Criterion and TeX, aimed at improving the outcomes for individuals wanting to transfer their assets, such as pensions and investments, has announced that Capita is the 50th organisation to join the growing community of firms signed up to the initiative.
With reports of transfers regularly taking several months to complete the FCA has taken a keen interest in resolving the issue for consumers. The STAR framework was highlighted in the FCA’s Investment Platforms Market Study final report published in March, where the regulator made it clear it expects the industry to resolve the transfers issue or it would face “further regulatory action”.
The FCA has encouraged firms to consider participating in STAR “as a way of improving the switching process and achieving better outcomes for consumers”, ahead of its review of the transfer process due this winter.
STAR officially launched in November 2018 with a remit to develop recognised, industry-wide standards to promote good practice in transfers. This include defining the processes required to complete a transfer; specifying good practice targets for each of those processes; and measuring, recognising and accrediting performance excellence across the industry.
Tom McPhail, of Hargreaves Lansdown and Founding Chair of the STAR Steering Group (pictured), said: “We are delighted that Capita is supporting the STAR initiative. Frankly the more organisations that become involved, the firmer our foundations are and the more momentum we have.
“We are pleased with the wide-ranging and extensive industry support we have received and continue to receive. We are in the final stages of our ISA/GIA working groups and have started both pension working groups, which are galvanising the industry to forge ahead with change and to improve things for consumers.”
Nigel Purveur, managing director of Capita Pensions and Benefits said Capita had signed to STAR as it saw it as a “critical initiative to drive best practice, which is challenging the industry to change the rules of our own game.
“As part of Capita’s transformation, we want to demonstrate how we are changing to benefit our clients and customers. Joining STAR is a great example of just that. Through STAR, the industry has the opportunity to demonstrate its commitment to improving consumer outcomes, in advance of the Regulator’s review of progress, which is due this winter.”
STAR Members (In alphabetical order)
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