TISA, the investment and savings membership organisation, has backed the new framework.

The aim of the framework is to “identify and encourage” good practice across the industry. The backers hope that the new framework will reduce the need for regulatory intervention when it comes to transferring or re-registering ISAs, pensions and investments. 

The TRIG, which is made up of leading industry groups, such as TISA, has  developed this framework over the last two years, discussing the content with the FCA, the Department for Work and Pensions and the Pensions Regulator 

The guide is designed to support providers in developing, maintaining and improving their own strategy and procedures for dealing with transfers and re-registrations, in order to “improve customer experience and outcomes.” 

TISA warns that if this framework and way of working is seen as unsuccessful, there is a possibility of intervention from the FCA in the future. 

Carol Knight, chief operating officer at TISA, said: “More people are choosing to open ISAs and pensions than ever before, and it’s only right that the industry provides an efficient way of enabling customers to move their investments to a new provider.

“With an estimated £3 trillion of assets, and 60 million individual accounts, there is a huge range of firms and organisations involved. 

“We’re pleased to have played a part in helping to bring this framework to life, and while more still needs to be done, we hope firms will be encouraged to sign up.” 

The TRIG is now looking for firms to take on the responsibility of governing the framework.