The Financial Conduct Authority (FCA) has confirmed reducing transfer times remains a key priority as it continues to back the Star Initiative and encourage all firms in the pensions sector to take part.
The FCA has confirmed it is looking to the industry-wide initiative - which launched in 2019 - to be part of an industry solution to deliver efficient and timely pension transfers. The initiative has a commitment to shaping recognised industry-wide standards to promote good practice in transfers, with 78 firms now signed up including Aegon, Barnett Waddingham, XPS Pensions Group, and Legal & General among others. Star has now launched a reporting system, called Core Management Information (MI), to measure transfer performance. The objective of Core MI reporting is to allow the accredi...
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