STAR to launch product transfer 'gold' standard

STAR, the cross-industry transfer initiative, is to roll out an accreditation scheme which will award bronze, silver or gold grades to providers based on their ability to transfer clients to other providers smoothly and quickly. The aim of the STAR initiative is to make it easier for clients to transfer pensions, savings and investments between companies. STAR, which is backed by the regulators, providers and government, is aiming to make it easier for advisers to assess which firms are doing well on transferring clients from one provider to another. STAR brings together platforms, providers, life companies, service providers and transfer agents/asset managers. So far 70 firms have signed up to STAR, which launched in January 2019. The new STAR accreditation system is designed to recognise transfer performance across the industry. There will be three STAR accreditation levels based on performance. STAR says the bronze, silver and gold levels are designed to reward good performance and encourage improved performance. The accreditation thresholds will be set through industry collaboration by the STAR Accreditation Steering Group and monitored by the STAR Steering Group. The first accreditations are set to appear in the first quarter of 2022 and will be based on 2021 data. The annual accreditation scheme will start in January 2022 based on agreed management data consisting of at least 3 consecutive month’s 2021 data. STAR members are committed to industry-wide standards to promote good practice in transfers. STAR says it will collect and publish the performance data of companies when executing transfers, which will provide regulators, customers, and their financial advisers with clear evidence of a commitment to improve their performance.

STAR to launch product transfer 'gold' standard

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