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Inaugural STAR Steering Group commits to ‘galvanise the industry’ on transfers

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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. 

" There is no silver bullet to solve the issue of the fact that industry systems and processes are not consistent and that transfer times vary between providers. That said, the fact that the STAR initiative has held its first Steering Group, with such widespread industry representation and regulatory support from the FCA, shows that the industry is willing to get this over the line. This forum is a key stage in collaboration that will galvanise the industry to forge ahead with change and to improve things for consumers. We now have 32 organisations pledged to support STAR and this is a great foundation on which to build. I was delighted with the level of engagement and the fact that we have secured a Deputy Chair in Ravi Grewai, Manager, Operations, Interactive Investor. The coming months will see the working groups kick in to action. The first Working Group is scheduled to meet on 20th June and we have over 25 delegates confirmed. We have also let organisations have participation agreements so we are progressing. “In its March paper the FCA encouraged industry members not already involved in the initiative “to consider taking part as a way of improving the switching process and achieving better outcomes for consumers.” “Through STAR, the industry has the opportunity to demonstrate its commitment to improving consumer outcomes, in advance of the Regulator’s further paper based on the consultation, which is due in Winter 2019.”

Tom McPhail, of 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.

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SERVICING AGREEMENT

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1. APPLICANT COVERED BY THIS REGISTRATION.
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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
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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
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2d.
STAR RELATIONSHIP MANAGER FOR THE FOURTH BRAND
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4. DECLARATION
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We only require one signed STAR Servicing Agreement which will cover all brands that you wish to register. Upon completion of this form we will check our records to ensure an agreement hasn't already been signed, if so a new contract will not be sent to your signatory.
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