STAR reaches 50 participants
6 November 2019
Capita is the 50th organisation to support the STAR initiative, which aims to galvanise the industry in its goal of improving the outcomes for individuals wanting to transfer their assets, such as pensions and investments.
A growing community of firms have signed up to the STAR initiative, which officially launched in November 2018 and already has 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 theindustry.
With reports of transfers regularly taking several months to complete, yet banking being subject to a 7-day switching guarantee, it should beno surprise that the FCA has taken a keen interest in resolving the issue for consumers. The STAR framework was highlighted in the FCA’s Investment Platforms Market Study final report published in March, where the FCA made it clear it expects the industry to resolve the transfers issue or it would face “further regulatory action”. The FCA said it was encouraging firms to consider participating in STAR “as a way of improving the switching process and achieving better outcomes for consumers.
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.