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Vanguard head of Retail Pensions replaces McPhail on STAR

7 July 2020

Andrew Marker, head of Retail Pensions, Vanguard Asset Management Ltd, has succeeded Tom McPhail as chair of the STAR Steering Group. 

STAR officially launched in January 2019 and currently has over 60 organisations committed to shaping recognised, industry-wide standards to promote good practice in transfers.

The Steering Group is overseen by the Financial Conduct Authority, the Department for Work and Pensions, The Pensions regulator and other consumer groups.

Marker (pictured) has 25-year’s experience of the retail and occupational pensions markets, in a  career in pensions that has spanned roles from operations, proposition, and product design. He has worked also with the UK regulators and through various trade bodies, to help shape the UK retail pension regulations to further improve the pension industry in the UK.

As head of Retail Pensions for Vanguard in the UK, he is responsible for the retail pension product design and implementation. In addition, he represents Vanguard at various trade body working groups and committees which cover the retail investor and retirement market.

Commenting Marker said: “I am committed to taking a stand for retail investors, ensuring they are treated fairly and giving them the best chance of investment success. I am also firmly committed to the time I need to dedicate to achieve this.

“I strongly believe in the development of a robust set of transfer standards adopted by all within the industry and the importance this will play in the success of the financial services within the UK market.

“Government and regulators have set a clear challenge to the industry: fix this for the benefit of your customers or we will impose regulations on you. It is essential that the perspective of the end retail investor is taken into account in the formulation of transfer standards.

“Within this framework it is also important to understand the challenges certain proposals may have on organisations operating in the UK market, both from a cost and practicality perspective.

“Implementing and evolving standards within the market will need to balance all of these challenges and also has the benefit of improving the robustness, competitiveness and value-for-money of the UK pension and savings market.

“I am honoured to chair the Steering Group and am passionate about the role STAR is playing in making transfers easier and more successful for UK investors.”

Tom McPhail was the founding Chair and left the industry in June to work in the electric bicycle market.

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