STAR is a new collaborative way for organisations in the long-term savings and investments industry to define what excellence means in transfers and re-registration processes, and to demonstrate commitment to its implementation to consumer, government and regulatory stakeholders.
STAR is being delivered by a collaboration between Criterion and TeX, combining the industry-reach, unique strengths, experience and shared ambition of the two not-for-profit organisations.
The Transfers and Re-registration Industry Group (TRIG), a landmark collaboration of 10 industry bodies and representatives of individual firms, delivered a cross-industry framework of good practice for improving customer experiences of moving savings and investments from one financial institution to another.
The TRIG has chosen STAR to manage the framework and support the long-term savings and investments industry in its adoption. STAR will work with industry participants to define the processes covered by that framework, specify good practice targets for each of those processes, and measure actual performance against those targets across the industry.
If you are involved in the management and transfer of long-term savings and investment arrangements, including all types of Defined Contribution Pensions, ISAs and General Investment Accounts, STAR is for you.
Participating in STAR will provide
Participating firms will also benefit from greater certainty in dealing with transfer counterparties, leading to fewer queries and lower administration costs. And consumers will benefit from better communication, common standards, continuous improvement and greater transparency on firms' performance.
Adoption of the TRIG's good practice framework is supported by government and regulators, including the Pensions Minister Guy Opperman MP, and The Pensions Regulator.
All the industry associations that comprise the TRIG - The Association of British Insurers, The Association of Member Directed Pension Schemes, The Investment Association, The Pensions Administration Standards Association, The Pensions and Lifetime Savings Association, The Personal Investment Management & Financial Advice Association, The Society of Pension Professionals, TISA, UK Finance, The UK Platform Group - endorse and recommend STAR to manage their good practice framework.
STAR is building its coalition of participating organisations now. Visit the STAR website to find out how you can get involved.Visit the STAR website.