The recent pension reforms have seen significant increases in long-term savings and investment transfers and re-registrations. Currently, industry systems and processes are not consistent – the timeframes involved in making transfers vary greatly between providers. This is less than ideal for consumers and time-consuming for providers, increasing their administrative costs.
The introduction of STAR – shaping recognised, industry-wide standards to promote good practice in transfers – will be welcomed by government, consumers and responsible providers alike.
STAR has been created as a collaboration between Criterion and TeX, combining the industry-reach, unique strengths, experience and shared ambition of the two not-for-profit organisations.
Endorsed by The Transfers and Re-registration Industry Group (TRIG), it will deliver a cross-industry framework of good practice for improving consumer experience in moving their money from one financial institution to another.
STAR’s remit is to:
- Define the processes covered by the framework
- Specify good practice targets from each of those processes
- Measure performance against targets across the industry
An initiative supported by government
With over 60 million* individual policies and accounts in the UK and the ongoing growth in transfers, the government is keen that the industry commits to the new standards and that firms participate in the scheme.
I welcome this initiative and the progress made so far in speeding up transfers. For many members, moving money is straightforward but for some others, it’s far from effective and I’d urge firms to commit to the TRIG framework.
Show your commitment to good practice –
register for more information
All long-term savings and investments organisations are invited to participate in STAR. Please register your interest now – we’ll send you more information about joining.
*Source: The Transfer and Re-registration Industry Group (TRIG) – Industry-wide framework for improving transfers and re-registrations, June 2018 Progress Update