Criterion and TeX join forces in support of TRIG transfers framework
6 September 2018
Criterion and TeX have announced a joint proposal to support the industry in the adoption of the Transfers and Re-registration Industry Group (TRIG) new transfers framework, published in June.
The two bodies said they stand fully behind the recommendations of the TRIG framework, which include end-to-end standard timescales for as many re-registrations/transfers as possible.
The proposed implementation, they said, would drive the benefits of improved consumer experience and lead to industry-wide reduced transfer times,” through the identification and adoption of good practice”, as targeted by TRIG.
Amongst its key points, the joint proposal covers how the ongoing governance of the transfers framework will be financed, “given that the imposition of any kind of levy or charge on investors is an unacceptable approach”, and that “funding needs to be transparent, sustainable and free from commercial bias”.
It defines the level of support from both regulators and participants which is required to make the work representative and financially sustainable, and lays out a phased approach to development and initial operation and maintenance.
It also recommends and puts in place an effective strategy for ongoing maintenance and performance improvement; sets clear milestones and targets for the successful implementation of the framework; and outlines an approach to marketing and brand, to help drive the success of the implementation of the TRIG framework.
The two bodies said they would work with key TRIG industry associations to recruit participant organisations to implement the TRIG framework, and “to communicate to a wider community about the benefits that the industry is delivering for consumers”.
Criterion MD Caroline Mansley (pictured) said: “This is a vital piece of industry work and we are delighted to be collaborating with TeX.
“We believe that what is required is sufficient participation to provide a broad and deep pool of subject matter expertise to develop the first version of the transfer process definitions and SLAs. We hope the industry gets right behind the initiative.”
David Moffat, TeX Chair, commenting said; “Both TeX and Criterion are not-for-profit and recognise that professional oversight of the TRIG framework is the best route to its implementation. To achieve this requires industry support and our joint proposal aims to provide an equitable model for those organisations that wish to participate. We believe this is the best approach to encourage support from all interested parties.”
Origo is to launch Unipass Letter of Authority (ULoA) at the end of November, a service aimed at simplifying...
Professional Paraplanner’s publisher, Research in Finance (RiF), is a leading research company in the financial services sector. On occasion our readers...
While the aggregated costs and legacy trail commission regime remains far from perfect, some clarity can be gleaned, says...