Leading Platforms Request Fund Groups Support STAR Transfers & Re-Registration Initiative
17 September 2020
Leading platforms have contacted their fund groups requesting they support the STAR Transfers & Re-Registration initiative. STAR is set to improve the outcomes for individuals wanting to transfer their assets, such as pensions and investments.
A growing community of 67 firms have signed up to the STAR initiative, which officially launched in January 2019 and has companies and organisations committed to shaping recognised, industry-wide standards to promote good practice in transfers. The STAR initiative is the only cross industry solution bringing together platforms, ISA managers, pension companies, asset managers and transfer agents, galvanising the industry, to put in place service level agreements to ensure quick, efficient and predictable transfers and re-registration. STAR was created as a collaboration between Criterion and TeX.
The platform businesses of Aegon, Fidelity, Hargreaves Lansdown and Standard Life, have all written to the Fund Groups on their platforms requesting they support STAR. They have sent a very clear message to asset managers that they need them to support STAR, to meet the needs of their platform distributors, helping them improve outcomes for the end customer and to meet FCA Platform Market Study requirements.
The leading platforms are committed to embracing initiatives that are designed to enhance customer journeys and outcomes. As part of their focus on this, they have joined the STAR initiative and been integral to galvanising the industry in conjunction with a significant number of organisations.
The Steering Group is part of the effective governance of STAR, and meets monthly. The Implementation Phase of the Initiative started in March 2020, to allow the members to agree an approach to deliver STAR Reporting and an opportunity to discuss change requests and common challenges they may face.
Endorsed by The Transfers and Re-registration Industry Group (TRIG), STAR will deliver a cross-industry framework of good practice for improving customer experience in moving their investments from one financial institution to another. In December 2019, the Financial Conduct Authority (FCA) confirmed it was happy with progress made by the industry through the STAR initiative. The FCA will continue to monitor the initiative in 2020 and consider further action if necessary. The FCA has encouraged firms not already involved in this initiative to consider taking part as a way of improving the switching process and achieving better outcomes for consumers.
The output of the STAR initiative will be a quarterly industry index and an annual accreditation scheme of bronze, silver and gold for performance against Transfer and Re-Registration service level agreements to ensure transparency; so that customers and financial advisers can compare the performance of platforms and investment managers ensuring performance can be evidenced and rewarded.
For further information please contact:
Commercial and Marketing Director
0773 765 0010
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.