The meeting, which took place at the offices of Transact in the City of London, saw the firms and organisations pledge to unite to agree standards.

A spokesman said: “Members of the group are determined to galvanise the industry into signing to the initiative and its goal of improving the outcomes for individuals wanting to transfer their assets, such as pensions and investments.”

The STAR initiative launched in November 2018 and has 32 companies and organisations committed to shaping recognised, industry-wide standards to promote good practice in transfers.

The STAR remit is dedicated to:


*   Define the processes required to complete a transfer


*   Specify good practice targets for each of those processes


*   Measure, recognise and accredit performance excellence across the industry.
    


The meeting, which was chaired by Tom McPhail of Hargreaves Lansdown, covered the terms of reference for the steering group and brought members up to date with progress made; regulatory support; four step programme of work; delivery framework and next steps.

The group appointed Ravi Grewal, of Interactive Investor, as deputy chair.

Mr McPhail said: “There is no silver bullet to solve the issue of the fact that industry systems and processes are not consistent and that transfer times vary between providers. That said, the fact that the STAR initiative has held its first steering group, with such widespread industry representation and regulatory support from the FCA, shows that the industry is willing to get this over the line.

“This forum is a key stage in collaboration that will galvanise the industry to forge ahead with change and to improve things for consumers.

“We now have 32 organisations pledged to support STAR and this is a great foundation on which to build.

“I was delighted with the level of engagement and the fact that we have secured a deputy chair in Ravi Grewal, manager, operations, Interactive Investor.

“The coming months will see the working groups kick into action.

“The first working group is scheduled to meet on 20 June and we have over 25 delegates confirmed.

“We have also let organisations have participation agreements, so we are progressing.

“In its March paper (Platforms Market Study – Final Report (MS17/1.3) ) the FCA encouraged industry members not already involved in the STAR initiative ‘to consider taking part as a way of improving the switching process and achieving better outcomes for consumers’.

“Through STAR, the industry has the opportunity to demonstrate its commitment to improving consumer outcomes, in advance of the Regulator’s further paper based on the consultation, which is due later this year.”