Fifty firms have now signed up to the STAR initiative, which officially launched in November last year and was said to have companies and organisations “committed to shaping recognised, industry-wide standards to promote good practice in transfers”.
The STAR remit aims to:
1. Define the processes required to complete a transfer;
2. Specify good practice targets for each of those processes;
3. Measure, recognise and accredit performance excellence across the industry.
Tom McPhail, of Hargreaves Lansdown and founding chair of the STAR Steering Group, said: “We are delighted that Capita is supporting the STAR initiative.
“Frankly the more organisations that become involved, the firmer our foundations are and the more momentum we have.
“We are pleased with wide-ranging and extensive industry support we have received and continue to receive.
“We are in the final stages of our ISA/GIA working groups and have started both pension working groups, which are galvanising the industry to forge ahead with change and to improve things for consumers.”
Nigel Purveur, managing director of Capita Pensions and Benefits, said: “We are delighted to be part of the team who shape the future of transfers.
“We want to be part of this critical initiative to drive best practice, which is challenging the industry to change the rules of our own game.
“As part of Capita’s transformation, we want to demonstrate how we are changing to benefit our clients and customers.
“Joining STAR is a great example of just that.
“Through STAR, the industry has the opportunity to demonstrate its commitment to improving consumer outcomes, in advance of the Regulator's review of progress, which is due this winter.”
STAR Members (In alphabetical order)
2. AJ Bell
6. Barnett Waddingham
7. BNY Mellon
8. Brewin Dolphin
10. DST Funds
11. Dunstan Thomas
12. Embark Group
16. Fusion Wealth
17. Hargreaves Lansdown
18. Hodge Lifetime
19. Interactive Investor
21. James Hay
22. Janus Henderson
23. JP Morgan
24. Legal & General
27. NEST Corporation
28. Now: Pensions
31. Old Mutual Wealth
34. Phoenix Group
36. RBS Group
38. Royal London
39. Salvus Master Trust
40. Scottish Widows
41. Seven Investment Management
42. Smart Pension
44. Standard Life Aberdeen
48. Willis Towers Watson
49. XPS Pension Group