A number of leading industry names are set to join STAR, a 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.
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.
STAR has been launched to manage the TRIG good practice framework and is endorsed and recommended by all the trade bodies participating in TRIG.
STAR’s remit is to:
- Define the process covered by the framework
- Specify good practice targets from each of those processes
- Measure performance against targets across the industry.
For consumers, STAR will lead to:
- A more consistent, reliable transfer experience
- Greater certainty and speed for transfers
- Improved control over their money
- Indicator of a firm’s commitment to timely transfers and re-registrations
- Increased competition
- Longer-term improvement in transfer times.
Companies participating in the framework will be demonstrating to regulators and wider stakeholders their commitment to good practice and to the continued development of industry standards.
STAR will collect and publish performance of companies when executing transfers – as well as a list of the firms which have chosen to participate – which will provide regulators and customers with clear evidence of how firms are behaving.
The aim is to drive up commitment to the TRIG framework across the industry, and so improve the transfer and re-registration experience for consumers.
Caroline Mansley, Managing Director, Criterion
“The launch of STAR marks a significant milestone in the delivery of the TRIG framework to the industry and helping companies not only to improve their transfer times and deliver better performance for consumers but also to benefit from greater certainty in dealing with counterparties, leading to fewer queries and lower administration costs.”
David Moffat, Chair, TeX
“This July the FCA highlighted the issue of transfers and re-registration in its market studies into the Asset Management Industry and into Investment Platforms. We are confident that with governance, process and targets in place, and the measurement and publication of participant performance, we will see a strong commitment from across the industry to adopt the framework. STAR is uniquely placed to bring together the long-term savings industry to deliver improvements in transfer performance and deliver the better outcomes we all want for consumers.”