STAR invites companies to join at ABI hosted transfer and re-registration event

29th January 2019

STAR is inviting all long-term savings and investments organisations to attend an industry event, to learn more about how they can help improve the customer experience of transferring between companies.

The event is being hosted by the ABI on 7 February from 14.00-16.00 at their headquarters at One America Square, Crosswall, London, ECN3 2LB. It will take a seminar and networking format, with guest speakers from the ABI and Hargreaves Lansdown, one of the first 12 companies to commit to support of STAR.

STAR has been created as a collaboration between Criterion and TeX, combining the industry-reach, unique strengths, experience and shared ambition of the two not-for-profit organisations. Endorsed by The Transfers and Re-registration Industry Group (TRIG), it will deliver a cross-industry framework of good practice for improving consumer experience in moving their money from one financial institution to another.

Caroline Mansley, MD Criterion, said: “Firms of all sizes want to do the right thing for their customers and this event, supported by the ABI, will introduce organisations to STAR and the importance to the industry and consumers of improving the way firms transact with other firms to move customers’ money.

“We expect a range of companies will want to attend, including life and pension providers, occupational pensions schemes, employment benefit consultants, SIPP administrators, as well as wealth managers. This is a matter that affects the whole industry.”  

  • More to follow

“The recent pension reforms have seen significant increases in long-term savings and investment transfers and re-registrations. Firms want to know transfers can be done quickly and efficiently.

“But currently, industry systems and processes are not consistent, and the timeframes involved in making transfers vary greatly between providers. This is less than ideal for consumers and time-consuming for providers, increasing their administrative costs.”

STAR will provide a voice in defining what good transfer practice looks like; a platform for showing to consumers and other industry stakeholders, their commitment to that good practice; and a showcase for demonstrating successful performance. The introduction of STAR – shaping recognised, industry-wide standards to promote best practice in transfers – has been welcomed by Government and providers.

David Moffat, TeX Chair, said “Participation in STAR will enable firms to demonstrate to regulators their commitment to good practice and to constant improvements in standards; and their consumers will benefit from better communication, common standards, continuous improvement and greater transparency on firms’ performance.  It will really help consumers as they navigate a potentially complicated landscape of products and regulations.

“Through seeing what can be achieved and hearing from the organisations already committed to STAR, this event is designed to encourage others to participate and accelerate the momentum already achieved.”

The organisations who have already committed their support in principal to STAR are: Aegon, Aviva, Barclays, DST Funds, Fidelity, Hargreaves Lansdown, Invesco, Janus Henderson, LV=, Old Mutual Wealth, Standard Life and Zurich.

For further information please contact: Matt Dransfield 0773 765 0010

Notes to editors to follow

Notes to editors

STAR is taking forward the Transfers & Re-registration Industry Group framework, which is supported and endorsed by the:

*   Association of British Insurers (ABI)

*   Association of Member-Directed Pension Schemes (AMPS)

*   Investment Association (IA)

*   Pensions Administration Standards Association (PASA)

*   Pensions and Lifetime Savings Association (PLSA)

*   Personal Investment Management & Financial Advice Association (PIMFA)

*   Society of Pension Professionals (SPP)

*   Tax Incentivised Savings Association (TISA)

*   UK Finance

*   UK Platforms Group (UKPG)

To find out more about STAR go to: 

https://www.linkedin.com/company/star-setting-the-standard-for-smoother-transfers/

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.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
  • 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 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