Tom McPhail: Stamp out transfer delays - why this STAR is born

Promoting best practice

clock • 3 min read

Everybody wants financial businesses' inability to perform investment and pension transfers in a timely manner addressed, says Tom McPhail, who chairs a new not-for-profit initiative aiming to ensure that happens now

People have a right to expect financial companies to execute their instructions quickly, efficiently and securely. When it comes to transferring investments and pensions from one company to another, for years it has been normal to tolerate the industry's inability to perform this basic task in a timely manner. We have got used to transfers taking many weeks, often months to complete.   For investors this uncertainty and delay erodes confidence in the system, discourages engagement, undermines market competition and can sometimes cause acute financial problems. For someone approaching ret...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA Working Lunches: Register today to hear from Schroders

PA Working Lunches: Register today to hear from Schroders

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 24 May 2024 • 1 min read
Feel Good Friday: Financial education for the next generation

Feel Good Friday: Financial education for the next generation

RedSTART and The Money Charity on the importance of education

Professional Adviser
clock 24 May 2024 • 1 min read
DB transfer activity falls to lowest point in six months

DB transfer activity falls to lowest point in six months

XPS finds transfer activity levels have hit record lows

Martin Richmond
clock 23 May 2024 • 1 min read