About STAR and our role
STAR is a new award scheme, to tackle the amount of time it takes to transfer savings, investments and pensions electronically from one company to another. The finance industry has faced criticism for its inability to transfer savings, investments and pensions from one company to another in a timely manner. The Financial Conduct Authority suggested the industry sort out the problem, and so the STAR initiative was introduced as an alternative to regulation or legislation.
STAR is a cross-industry initiative created to help define and shape recognised, industry-wide standards to promote good practice in transfers.
Criterion and TeX manage STAR, leveraging their expertise in standards, governance and reporting Management Information.
STAR has worked with industry participants to:
- Define processes covered by that framework
- Specify good practice targets for each of those processes
- Measure actual performance against those targets across the industry, leading to industry accreditation
STAR awards Bronze, Silver and Gold accreditations annually based on performance against transfer standards. The accreditations are designed to encourage improvement in the industry and award good performance.
To find out which providers have been awarded accreditations for their transfer services, please visit the STAR website.
Over 70 organisations have signed up to STAR, with these companies committed to improving customer outcomes and transfer times.
STAR is the only cross-industry solution, bringing together platforms, ISA managers, pension companies, asset managers and transfer agents, galvanising the industry to put in place service-level agreements to ensure quick, efficient and predictable transfers and re-registration.
Go to the STAR website or join STAR today.