STAR is overseen by the FCA, the DWP, The Pensions Regulator, and other consumer groups.

Over 60 firms have backed the initiative which launched in 2019 to bring together platforms, providers, life companies and asset managers.

It aims to create a long-term solution to improving customer experience of pension transfers and the transfer of savings and investments between companies, by setting and measuring a best practice framework.

Mr Marker is head of retail pensions at Vanguard Asset Management and has extensive technical expertise in retail and occupational pensions from a 25-year career in pensions that has spanned roles in operations, proposition, and product design.

He is a member of the ABI Platforms Working Group and the EFAMA Pension Standing Committee working on the Pan European Personal Pension.

Mr Marker said: “I am committed to taking a stand for retail investors, ensuring they are treated fairly and giving them the best chance of investment success. I am also firmly committed to the time I need to dedicate to achieve this.

“I strongly believe in the development of a robust set of transfer standards adopted by all within the industry and the importance this will play in the success of the financial services within the UK market.

“Government and regulators have set a clear challenge to the industry: fix this for the benefit of your customers or we will impose regulations on you. It is essential that the perspective of the end retail investor is taken into account in the formulation of transfer standards.

“Within this framework it is also important to understand the challenges certain proposals may have on organisations operating in the UK market, both from a cost and practicality perspective.

“Implementing and evolving standards within the market will need to balance all of these challenges and also has the benefit of improving the robustness, competitiveness and value-for-money of the UK pension and savings market."

STAR moved into the implementation phase in March. Mr McPhail left the industry to join an electric vehicle firm.