Origo Options community looks to publish ceding and receiving performance data
13 December 2017
Origo’s Options Transfers community is looking to publish more detailed data on transfer performance to help further reduce transfer times for consumers.
Currently the 60+ organisations that form the Options Transfers community receive generalised data on the transfers they make, measured on an end-to-end basis, as the measurement that makes most sense to consumers.
Each organisation’s performance can vary from minutes to weeks, largely dependent on the type of pension being transferred. For example, a SIPP invested in an illiquid asset such as commercial property, can take longer to complete.
New and more detailed performance measures are now being made available by Origo, which will show how each organisation is performing in terms of both receiving and ceding assets. It is intended the data will be made available across the community.
This, Origo says, will help providers prioritise their resources – for example, to ceding or receiving tasks – with the aim of reducing transfer times and improving customer outcomes.
Also being considered is how to successfully publish the data to key industry stakeholders outside of the community, via simple and easy to understand information packs.
Paul Pettitt, managing director of Origo (pictured), explained: “Origo is dedicated to supporting the Options Transfers community and helping deliver improved customer outcomes. Origo can draw on close to a decade of experience of operating the Options Transfers service during which time we have helped to significantly reduce transfer times. We believe these proposals to make even more detailed MI available to the community will help to further drive down transfer times and further improve the customer experience.”
Ross Dunlop, head of Platform Proposition at Standard Life, said: “These changes to Options Transfers MI will enable member firms of the community to be in a stronger position to help push the bar on transfer performance. There are a large number of member firms that make up the Options Transfers community. Most of these firms deserve recognition for their commitment to improving transfer times and, as such, should have no issue in having their performance reported in more detail.
“With pension freedoms increasing demand for transfers and the spotlight on transfer performance becoming ever brighter from the FCA, the industry needs to continuously look at ways of ensuring that we are delivering for consumers.
“These improvements to MI should help influence all member organisations of Options community to improve their performance, whilst providing a clearer picture of where significant improvement is required.”
Pettitt added that the revisions to the Options Transfers MI would also “bring a greater convergence of approach with the good work that the TRIG (Transfers and Re-registration Industry Group) has completed thus far, which of course will bring benefit to the consumer. We look forward to the next output from TRIG and working with them in due course.”
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