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The importance of accreditations

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The importance of accreditations

Savings, pension and investment firms have often faced criticism that transfer times are too long and complex when transferring from one organisation to another. As a result, transfers and re-registrations can take many weeks, often months, to complete causing customers and advisers to face lengthy delays. The STAR initiative was created to help firms reduce their transfer times, improve communication, and create transparency in the industry through its robust accreditation system.

Accreditations are formal recognition given to organisations that meet specific standards or requirements in a particular area. They demonstrate to customers, advisers and other stakeholders that an organisation meets certain standards of quality and professionalism, which helps to build trust and confidence in the organisation. When an institution is accredited, it has been independently reviewed and has a ‘stamp’ of approval from an impartial third party. STAR, which is a joint venture between Criterion and TeX, accredits based on the Accreditation Steering Groups decision. This robust governance means that participants are accurately awarded with bronze, silver and gold accreditations. This is based on their performance against transfer standards set and agreed by the industry.

asset manager gold
asset manager silver
Asset manager bronze

The process of obtaining an accreditation often involves a thorough review of the MI collated and procedures. This is instrumental in helping organisations identify areas for improvement and ensure that firms are operating more efficiently, effectively, and are compliant. STAR accreditations take place on an annual basis, with members reporting quarterly to allow them to review their results and make adjustments accordingly throughout the year.

STAR accreditations are also a valuable marketing tool, providing firms with a way to differentiate themselves from their competitors. Advisers will recognise which providers are committed to achieving excellence and make recommendations to their customers regarding which providers are capable of handling transfers in a timely and efficient manner. It’s worthwhile noting that whilst not all participating firms have reached the required threshold for accreditation, they should be applauded for their involvement and efforts to improve their transfer process, regardless of whether they receive a bronze, silver or gold accreditation.

If you would like more information on STAR or the required MI reporting, please get in touch, and we can arrange a call with one of our STAR representatives.

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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.