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STAR reaches significant milestone in specifying SLA / MI

Press Release

STAR reaches significant milestone in specifying SLA / MI

18 March 2020

The STAR initiative, to improve the outcomes for individuals wanting to transfer their assets, such as pensions and investments, has reached a significant milestone. 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.

The Steering Groups that are part of the effective governance of STAR, have been meeting monthly. The GIA/ISA work stream and Individual Pensions & SIPP work stream process workshops are complete and the proposed SLA / MI requirements are agreed. This has been approved by the STAR Steering Group, chaired by Tom McPhail, of Hargreaves Lansdown. The Occupational Pensions and Asset Manager work streams are also nearing completion.

This progress means that the initiative enters its next phase with the formulation of the Implementation Group. The remit is to:

  • Establish what Transfer Process MI is available to report now;
  • Establish how much of the proposed Reportable MI could be delivered with “quick win” processing or system
    changes;
  • Establish an appropriate approach and timeline to deliver the full MI.


STAR Working Group members have created Process Capture Documents covering each of the Product Groups within the scope of the STAR Initiative alongside a Working Group looking at those Process Steps owned by Asset Managers or Transfer Agents.

In December 2019, the Financial Conduct Authority (FCA) confirmed 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. Here is the link to the FCA’s Investment platforms market study.

A growing community of 55 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, providers, life companies and transfer / asset managers. The STAR initiative is galvanising the industry, to create the long-term solution to improving customer experience of transferring savings and investments between companies, by setting and measuring against a best practice framework.

During 2020/2021, STAR will start to collect and publish the performance of companies when executing transfers, which will provide regulators, customers and their financial advisers with clear evidence of a commitment to improve their performance. This will in turn create a competitive advantage for organisations leading the industry with STAR.

The STAR remit is clearly defined and will:

  1. Define the processes required to complete a transfer;
  2. Specify good practice targets for each of those processes;
  3. Measure, recognise and accredit performance excellence across the industry.


The output of the STAR initiative will be a quarterly industry index and an annual accreditation scheme of bronze, silver and gold so that performance can be evidenced and rewarded.

“STAR is a voluntary framework and has achieved rapid legitimacy and momentum, due to the significant organisations participating representing a cross section of the financial services industry. We have made significant progress. The last year has been an intense period or work and the intellect of the industry has put their heads together to drive forward this truly crossindustry solution. Accreditation is just around the corner and as an industry, we have made significant progress. Not only will this initiative improve things for customers, but for participating organisations it will make them more efficient and save money in the process.”

Tom McPhail, Hargreaves Lansdown and Founding Chair of the STAR Steering Group

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.