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Leading companies sign to STAR to deliver TRIG framework for improved transfers and re-registration

Press Release

Leading companies sign to STAR to deliver TRIG framework for improved transfers and re-registration

16 November 2018

A number of leading industry names are set to join STAR, a joint venture between Criterion and TeX launched to help deliver the framework and methods used to deploy the Transfers and Re-registration Industry Group (TRIG) framework.

TRIG is a collaboration of 10 industry bodies and representatives of individual firms which has defined a framework to deliver a cross-industry solution to challenge and improve customer experiences of moving savings and investments from one financial institution to another.

STAR has been launched to manage the TRIG good practice framework and is endorsed and recommended by all the trade bodies participating in TRIG.

STAR’s remit is to:

  1. Define the process covered by the framework
  2. Specify good practice targets from each of those processes
  3. Measure performance against targets across the industry.


For consumers, STAR will lead to: 

  • A more consistent, reliable transfer experience
  • Greater certainty and speed for transfers
  • Improved control over their money
  • Indicator of a firm’s commitment to timely transfers and re-registrations
  • Increased competition
  • Longer-term improvement in transfer times.


Companies participating in the framework will be demonstrating to regulators and wider stakeholders their commitment to good practice and to the continued development of industry standards.

STAR will collect and publish performance of companies when executing transfers – as well as a list of the firms which have chosen to participate – which will provide regulators and customers with clear evidence of how firms are behaving.

The aim is to drive up commitment to the TRIG framework across the industry, and so improve the transfer and reregistration experience for consumers.

“The launch of STAR marks a significant milestone in the delivery of the TRIG framework to the industry and helping companies not only to improve their transfer times and deliver better performance for consumers but also to benefit from greater certainty in dealing with counterparties, leading to fewer queries and lower administration costs.”

Caroline Mansley, Managing Director, Criterion

“This July the FCA highlighted the issue of transfers and re-registration in its market studies into the Asset Management Industry and into Investment Platforms. We are confident that with governance, process and targets in place, and the measurement and publication of participant performance, we will see a strong commitment from across the industry to adopt the framework. STAR is uniquely placed to bring together the longterm savings industry to deliver improvements in transfer performance and deliver the better outcomes we all want for consumers.”

David Moffat, Chair, TeX

Notes

For further information please contact:

Matthew Dransfield
Commercial and Marketing Director
Criterion
0773 765 0010
media@criterion.org.uk

About STAR

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. 

© 2022 CT Holdings and Services Limited (CTHS), a joint venture between TISA Exchange Limited and Criterion Tec Limited.

All rights reserved. Company number: 11700872.

SERVICING AGREEMENT

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A problem was detected in the following Form. Submitting it could result in errors. Please contact the site administrator.
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 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).
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 need one signed STAR Servicing Agreement which will cover all brands that you wish to register.
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.
You have already supplied a STAR Servicing Agreement, we will be in touch if we need anything else.

Application submitted successfully

Thank you for applying to join the STAR accreditation scheme. We will endeavour to respond as soon as possible using the contact information you’ve provided to us.