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The FCA’s Supervision Strategy

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FCA expects firms to engage with STAR as part of Consumer Duty rules

In September 2023, the Financial Conduct Authority (FCA) contacted CEOs and firms as part of its Supervision Strategy. One of the main concerns highlighted in these letters was the average time it takes customers to transfer their investments and savings between platforms.  

In light of the higher standards mandated by the Consumer Duty rules, transfer times continue to be on the radar of the FCA. Long transfer times can be detrimental to customers and therefore prompt and efficient transfers are crucial for ensuring positive outcomes for consumers. 

The FCA outlined its expectations: 

  • Firms are expected to engage with STAR and support the principles and actions endorsed by the FCA in connection with the STAR initiative. 
  • Firms reporting poor transfer times compared to peers, and not already engaged with STAR, will face inquiries about their reasons for non-engagement. The FCA is prepared to act if progress on transfer times is lacking. 

"As a vehicle to standardise and demonstrate reasonable industry transfer times, we expect firms to engage with, (if not already) and continue to, support the principles and FCA Public actions endorsed by STAR initiative. Where firms are reporting poor transfer times in comparison with peers and do not already engage with STAR, we will be enquiring about their justification for non-engagement and will act in the absence of progress on transfer times."

FCA

"Where firms have not considered such actions to improve their transfer times, we are now looking to them to do so. Firms should not assume that because we have not recently engaged with them specifically, their transfer times processes do not need to be reviewed."

FCA

With the FCA’s on-going support and a focus on firms evidencing that they’re acting to improve transfer times, the STAR initiative is poised to make even greater strides in enhancing consumers experience of transfers. 

This month STAR awarded 37 brands with a 2024 accreditation – to find out how firms performed, visit the STAR accreditation page.  

To speak to a STAR representative to discuss how your organisation can get involved, please email enquiries@joinstar.org.uk.  

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© 2024 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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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 FOURTH 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 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.
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.

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.