11 organisations commit to STAR as momentum starts to build.

13th January 2019

Since going live, STAR, the joint venture between Criterion and TeX launched to help deliver the framework and methods used to deploy the Transfers and Re-registration Industry Group (TRIG*) framework, has the first eleven companies committed to supporting the initiative. The venture has also received wider support from the Pensions Minister, the industry and Government.

STAR went live with its website on 20 November 2018. The organisations which have already committed their support are: Aegon, Aviva, Barclays, DST Funds, Fidelity, Hargreaves Lansdown, Janus Henderson, LV=, Old Mutual Wealth, Zurich and Standard Life.

STAR’s aim is to drive up commitment to the TRIG framework across the industry, and so improve the transfer and re-registration experience for consumers.

As well as publishing a list of the firms which have chosen to participate, STAR will collect and publish performance of companies when executing transfers, which will provide regulators and customers with clear evidence of the firms that are committed to improving their performance.

This will create a competitive advantage for organisations seen to be leading the field with STAR.

Caroline Mansley, MD Criterion commenting said: “We’ve certainly hit the ground running with STAR. We set up the brand and website within a matter of weeks and since we went live, we have reached our first XI organisations to make a public commitment. This is both an incredible achievement and testimony to the level of interest and support from the industry.

“There is an incentive for the first thirty participants to join, as they will be awarded with a Founder Accreditation Mark, a highly visible endorsement of adoption of the STAR framework and its objectives to improve end-to-end transfers.”

David Moffat, TeX Chair, commenting said: “STAR is an important and long-term solution to improving customer experience of transferring savings and investments between companies, by setting and measuring against a best practice framework. What this will mean for customers is greater certainty and speed for transfers, improved control over their money and increased competition in the market.

“STAR has the standing and experience in the market to achieve considerable steps forward for the industry and for consumers. We look forward to collaborating with the organisations that have already committed and many others as the initiative gathers further momentum.”

*TRIG is a collaboration of 10 industry bodies and representatives of individual firms which has defined a framework to deliver a cross-industry solution to challenge and improve customer experiences of moving savings and investments from one financial institution to another.

For further information please contact: Matt Dransfield 0773 765 0010.

About Criterion:

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 almost 25 years.

Criterion have publicly stated that the organisation is working towards full independence, building upon the formation of an independent Board of Directors, and Executive team, discussions ongoing with shareholders, this is estimated to be achieved by 2020. 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.

Criterion is trusted by around 400 companies to deliver standards underpinning millions of mission-critical transactions every week.  This includes:

  • Platform providers with combined assets under administration of over £400bn.
  • 100% of the FTSE 100 Life Insurance sector,
  • 100% of FTSE 250 Life Insurance sector
  • more than 95 leading pension brands across providers of SIPPs, Platforms and third-party administration services.

In addition, Criterion Common Declarations have supported more than 2.2 million pension transfers, worth more than £110bn. Criterion has a proven track record and can demonstrate legitimacy and buy-in from across the financial services industry, having delivered leadership to influence continuous improvement across the industry for several decades. Criterion works in collaboration and with the assistance of various industry associations to drive positive behaviour.

About TeX:

TeX is a not-for-profit organisation which works with the industry to ensure that the maximum benefit will be provided to all members. This 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. This gives the industry a number of benefits, including:

  • The strength of an existing successful industry body
  • The recognition of TISA as an independent cross-industry body by the FCA, other regulators and government
  • A critical mass of staff and infrastructure
  • Assurance to members that there will be no commercial influence over TeX
  • Reduced risk of a small group dominating the direction of TeX
  • Breadth of internal expertise and experience