As organisations prepare to submit Core MI data for accreditation, we have provided a list of some of the most commonly asked questions.
If you don’t find the answer to a question you may have, can you please contact us at firstname.lastname@example.org.
The Core MI requirements / specification can be found on the STAR MI page.
Yes, reporting should be for both transfers in and out. There are separate reporting metrics for those steps performed as the Acquiring / Ceding Party.
We want to include as many transfers as possible, so “bulk” transfers are included unless they are part of a ‘project’.
The use of ‘project’ was to distinguish requested transfers that are received individually, but processed in bulk from those transfers that are managed as a standalone exercise.
An indicator of a ‘project’ could be a pre-agreed transfer date as opposed to the use of date of receipt of the request.
Using the definitions below, internal transfers would be reported under the Asset Manager SLA product group. External transfers would be reported under the ISA/GIA SLA product group.
Internal – any transfer within the same fund manager between fund within the same client account or do a different client account.
External – any transfer between provider/fund manager (ISAs only).
No, individual measurements should be recorded in full days. When the average is calculated and submitted to STAR it should be reported to one decimal point.
Additional Supplementary Data
A form is available on the STAR Portal for the information to be input.
The supplementary information is required for accreditation only and will follow the same frequency.
Initial accreditation will be based on three months MI, so a quarter’s worth of supplementary data will be required to support that.
Following that, accreditation will happen annually, so supplementary data will be required annually.
This will measure which elements of an organisation’s book it is reporting on. The example scenario that comes to mind is a firm with several ‘heritage’ brands, that may only be reporting on some.
This measure will inform the STAR Accreditation Steering Group whether a firm is reporting 100% of its in-scope electronic transfers. This is being asked for comfort that firms aren’t only reporting for the portions of its brands that perform better.
We would expect organisations to use this field to inform the STAR Accreditation Steering Group of any factors that have impacted on its scores that are not reflected in the data being collected. Examples could be to explain inherent complexities in its book that are significantly different from other participants. Or perhaps, if there was a case or batch of cases that were impacted by a system or processing failure.
STAR Portal Access
Access to the site is managed by permission roles and each user will be assigned a defined role for access, details of which can be found within the User Guide on the Portal.
The files run through a validation stage before upload. It checks the document to ensure it’s compatible with the MI template, otherwise it will be rejected.
On completion of the signed Servicing Agreement.
No, all of the information is contained within the submission file, so we don’t have a set file name format.
We recommend that firms submit MI data monthly, though the window for submissions will run quarterly. The submission window will close 5 working days after the end of the month following the end of the quarter being reported. E.g. Q4 data (Oct, Nov, Dec) needs to be provided no later than 5 working days into February. Data cannot be changed after the window has closed.
Additional supplementary data will only be required at the end of the accreditation period.
Yes, within the submission window, all firms can review and query the data submission, but it is the responsibility of the member to ensure the data supplied is correct.