The STAR initiative, backed by the regulators and the government, is the only cross industry solution bringing together platforms, providers, life companies and transfer / asset managers
The initiative has galvanised the industry to create long-term solutions to improving customer experience of transferring pensions, savings and investments between companies, by setting and measuring against a good practice framework.
The STAR Steering Group and STAR participants have progressed with the initiative, despite the impact caused by Covid-19, and have confirmed the Accreditation Roadmap and agreed that an Accreditation Steering Group (ASG) should be established to manage STAR Accreditation. The Accreditation Roadmap targets to accredit organisations in Q1 2022. The annual accreditation scheme of bronze, silver and gold, is being introduced so that performance can be evidenced, rewarded and improvements encouraged.
The accreditation roadmap is synchronised with the timings of the FCA who have said they would review progress in 2022 and take further regulatory action if necessary. The FCA encourages firms in the retail investment and pension sectors not already involved in STAR to take part. It is aligned with shared desired outcomes to improve the customer experience, reduce how long it takes to complete transfers and ensure consumers can move to a better value platform that meets their needs more easily.
For further information, contact
Matthew Dransfield, Commercial and Marketing Director
[email protected] | 07442 095225
Stuart McColl Sales & Relationship Manager
[email protected] | 07879 519708