Inaugural STAR Steering Group commits to ‘galvanise the industry’ on transfers
12 June 2019
The 30 members of the STAR Steering Group, including representation from the FCA, met in London on Thursday 6th June at the offices of Transact. Members of the group are determined to galvanise the industry into signing to the initiative and its goal of improving the outcomes for individuals wanting to transfer their assets, such as pensions and investments.
The STAR initiative officially launched in November 2018 and already has 32 companies and organisations committed to shaping recognised, industry-wide standards to promote good practice in transfers.
The STAR remit is clearly defined and will:
- Define the processes required to complete a transfer
- Specify good practice targets for each of those processes
- Measure, recognise and accredit performance excellence across the industry.
The meeting, which was Chaired by Tom McPhail of Hargreaves Lansdown, covered the Terms Of reference for the Steering Group and brought the group up to date with the progress made; regulatory support; four step programme of work; delivery framework and next steps.
The founding members
The group appointed Ravi Grewai, Manager, Operations, Interactive Investor, as Deputy Chair.
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STAR was 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.
Criterion was formed for the industry in July 2017, as an independent, not-for-profit industry body providing Standards and Governance services. It was originally part of Origo Services Ltd and has been publishing process and integration standards for over 25 years. Criterion is uniquely positioned to facilitate and drive cross-industry engagement, helping organisations achieve higher levels of collaboration, reduce costs and achieve better outcomes for their consumers.
TeX is a not-for-profit organisation which works with the industry to ensure that the maximum benefit is provided to all members. This new company is financially independent from TISA but benefits from being linked to the TISA brand through name, the expertise provided by the two corporate entity directorships and the administrative support provided by TISA.