6th September 2018

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TISA eXchange Limited (TeX) and Criterion Tec Limited (Criterion) have proposed a landmark collaboration in support of industry development and adoption of the Transfers and Re-registration Industry Group (TRIG) new transfers framework.

Following the TRIG’s publication in June of their new framework of industry guidelines to help improve consumers experience, Criterion and TeX have responded with a joint proposal to support the industry in its adoption.

The collaboration provides an approach in response to the needs of the industry and of consumers. Both TeX and Criterion bring their considerable industry reach, unique strengths, experience, and shared ambition, which will deliver undoubted benefits in such a landmark collaboration. Both teams have long and successful track records of delivering industry-wide collaborations, of the nature and scale of what is required to implement the TRIG framework.

Working together will benefit not only the industry, but consumers too, as they navigate a potentially complicated landscape of products and regulation. Criterion and TeX stand fully behind the recommendations of the TRIG framework. These include end-to-end standard timescales for as many re-registrations/transfers as possible.The proposed implementation will drive the benefits of improved consumer experience and lead to industry-wide reduced transfer times, through the identification and adoption of good practice, which is TRIG’s goal.

Caroline Mansley, MD Criterion commenting said: “This is a vital piece of industry work and we are delighted to be collaborating with TeX. Our respective organisations complement one another well. Combining our capabilities in a robust, focused manner provides a compelling approach to the needs of the long-term savings industry and its consumers and enables us to make key commitments in the implementation of the TRIG framework. We believe that what is required is sufficient participation to provide a broad and deep pool of subject matter expertise to develop the first version of the transfer process definitions and SLAs. We hope the industry gets right behind the initiative.”
More to follow -

David Moffat, TeX Chair, commenting said; “Both TeX and Criterion are not-for-profit and recognise that professional oversight of the TRIG framework is the best route to its implementation. To achieve this requires industry support and our joint proposal aims to provide an equitable model for those organisations that wish to participate. We believe this is the best approach to encourage support from all interested parties.”

In summary, the proposal: -

  1. Illustrates how the ongoing governance of the transfers framework will be financed, given that the imposition of any kind of levy or charge on investors is an unacceptable approach. Funding is transparent, sustainable and free from commercial bias.
  2. Evidences the strong skill set and extensive experience of each partnering organisation.
  3. Provides a joint solution combining the expertise of both organisations, to deliver a best-of-breed approach to the implementation of the TRIG framework.
  4. Defines the level of support from both regulators and participants which is required to make the work representative and financially sustainable.
  5. Lays out the phased approach to Development and Initial Operation and Maintenance.
  6. Recommends and puts in place an effective strategy for ongoing maintenance and performance improvement.
  7. Sets clear milestones and targets for the successful implementation of the framework.
  8. Outlines an approach to marketing and brand, to help drive the success of the implementation of the TRIG framework.

Both Criterion and TeX have strong working relationships with key TRIG industry associations, as well as the relevant regulators and government stakeholders. These relationships stand the organisations in good stead, not just to recruit participant organisations to implement the TRIG framework, but also to communicate to a wider community about the benefits that the industry is delivering for consumers.

Both organisations succeed, not by generating profits or advancing vested interests, but by supporting the cross-industry working needed to deliver better consumer outcomes. That gives them the autonomy to focus on the need for the framework’s implementation to deliver improvements to the consumer experience, which is the TRIG’s goal.

The TRIG's industry-wide framework for improving transfers and re-registrations can be found at https://www.abi.org.uk/globalassets/files/publications/public/lts/2018/trig---industry-wide-framework-for-improving-transfers-and-re-registrations---final.pdf

For further information please contact:
Rob Kingsbury KGR Media Services Ltd 07900 931 305

About Criterion
Criterion was formed for the industry in July 2017, as an independent, not-for-profit industry body for Standards and Governance. It was originally part of Origo Services Ltd and has been publishing standards for almost 25 years. 2018 will see Criterion continue to drive collaboration across the industry with the energies and focus prioritised across a number of industry-wide activities, including pensions dashboard, distributed ledger technologies and improved pensions transfer and re-registrations.