Leading names commit to STAR to improve transfer and re-reg process
9 January 2019
11 organisations have committed to join STAR since the joint venture between Criterion and TeX launched in November.
STAR’s aim is to drive up commitment to the Transfers and Re-registration Industry Group (TRIG) framework across the industry, and so improve the transfer and re-registration experience for consumers. STAR was launched to help deliver the framework and the methods used to deploy the framework.
The first eleven companies committed to supporting the initiative are: Aegon, Aviva, Barclays, DST Funds, Fidelity, Hargreaves Lansdown, Janus Henderson, LV=, Old Mutual Wealth, Zurich and Standard Life.
The venture has also received wider support from the Pensions Minister, the industry and Government.
As part of its remit, STAR will publish a list of the firms which have chosen to participate, as well as collecting and publishing performance of companies when executing transfers, which will provide regulators and customers with clear evidence of the firms that are committed to improving their performance.
Caroline Mansley, MD Criterion (pictured), said publishing data would create a competitive advantage for organisations seen to be leading the field with STAR.
Mansley added: “We’ve certainly hit the ground running with STAR. We set up the brand and website within a matter of weeks and since we went live, we have reached our first XI organisations to make a public commitment. This is both an incredible achievement and testimony to the level of interest and support from the industry.
“There is an incentive for the first thirty participants to join, as they will be awarded with a Founder Accreditation Mark, a highly visible endorsement of adoption of the STAR framework and its objectives to improve end-to-end transfers.”
David Moffat, TeX Chair, said: “STAR is an important and long-term solution to improving customer experience of transferring savings and investments between companies, by setting and measuring against a best practice framework. What this will mean for customers is greater certainty and speed for transfers, improved control over their money and increased competition in the market.
“STAR has the standing and experience in the market to achieve considerable steps forward for the industry and for consumers. We look forward to collaborating with the organisations that have already committed and many others as the initiative gathers further momentum.”
Readers of Professional Paraplanner will no doubt recall my article on this subject. It contained our top 12 pet...
The assumptions advice firms make when using cashflow models, particularly in planning DB transfers, are widely variable, warns ATEB Consulting’s...
What does the CII expect and what will give you the best chance of gaining marks? This article from Brand...