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STAR sets the bar: FCA’s 20-day benchmark falls short of industry ambition

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STAR sets the bar: FCA’s 20-day benchmark falls short of industry ambition

Progress highlighted in FCA review

The Financial Conduct Authority’s (FCAs) recent life insurer pension transfer review provides a welcome snapshot of progress across the pensions transfer landscape. It is encouraging to see firms demonstrating clear intent to deliver positive outcomes for consumers, with over 75% of ceding schemes completing transfers in around 20 days on average.

Digital platforms driving efficiency

The review rightly highlights the advantages of digital platforms. Transfers are demonstrably faster when both ceding and receiving schemes adopt digital processes rather than paper-based ones. However, the FCA also recognises that speed should not come at the expense of consumer protection. A balanced approach, where necessary checks are applied to safeguard savers, is vital for good outcomes.

Addressing industry challenges

Despite progress, challenges remain. Firms face pressure from increased demand and the complexities of ensuring protective measures are consistently applied. Encouragingly, the report shows that many are taking proactive steps to refine their processes and strengthen their focus on long-term consumer interests, particularly in helping savers avoid the pitfalls of short-term incentives that may undermine future financial security.

Raising the bar beyond 20-days

While the review’s average 20-day transfer timeframe demonstrates clear improvement, it should be regarded as a stepping stone rather than the ultimate benchmark. The STAR initiative sets higher standard, ones designed to embed not only efficiency but also consistency, transparency and accountability across the transfer journey.

Collaboration and accreditation for best practice

Membership of the STAR initiative is open to all organisations involved in transfers, providing a collaborative framework for improvement. Through our annual accreditation scheme, we measure, recognise and champion good practice – highlighting firms who go beyond compliance to deliver genuine excellence in transfer performance.

Celebrating every step towards improvement

While achieving gold accreditation remains the ultimate goal for firms, STAR recognises and applauds organisations that take the vital first step of submitting Management Information (MI) to the initiative. Doing so demonstrates a commitment to fixing transfers, improving transparency, and driving better outcomes for consumers – values that underpin the highest standards across the industry.

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SERVICING AGREEMENT

1. APPLICANT COVERED BY THIS REGISTRATION.
Please note this registration will not be processed if Step 1 has not been completed.
If your organisation is acting only as an affiliate, you do not need to complete Step 2.
2a. CHOOSE YOUR BRAND
STAR manages the administration of third-party access to the portal, rather than the member firm. This allows for a smoother transition for the member firm and allowing immediate access to the supplier to submit MI on their behalf. STAR will hold an approved list of users per supplier, which will be allocated to your account at the point of registration. This ensures each ‘external’ user has the same access across all their client accounts. Supplier access is restricted and they do not have any ability to see any company information for any client other than what they submit on your behalf. You as the member control access for any other users within your organisation. We will include a more detailed description about the user access on your welcome email and it is clearly defined as part of the User Guide.
STAR RELATIONSHIP MANAGER FOR FIRST BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
2b.
STAR RELATIONSHIP MANAGER FOR THE SECOND BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
2c.
STAR RELATIONSHIP MANAGER FOR THE THIRD BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
2d.
STAR RELATIONSHIP MANAGER FOR THE FOURTH BRAND
This person will be the main contact for all notices and other formal communications under this agreement and will be responsible for the administration of the members portal access (including without limitation the providing, updating and removing of authorised User access to the portal during the Term).
3. INVOICE INFORMATION
Invoices are sent by email as standard, if a printed invoice is required please note the address and your requirements in the additional information section.
4. DECLARATION
Before we can process your Brand Registration a STAR Servicing Agreement needs to be signed. Your signatory must be duly authorised for and on behalf of the organisation named in this application.
We only require one signed STAR Servicing Agreement which will cover all brands that you wish to register. Upon completion of this form we will check our records to ensure an agreement hasn't already been signed, if so a new contract will not be sent to your signatory.
STAR will email the servicing contract to the signatory email address (provided below) through our electronic platform Yoti. This declaration must be signed in order for your application to complete, once we receive the signed agreement we will instruct our finance department to issue your invoice.