The Star Initiative has entered the implementation phase allowing members to agree an approach to deliver Star reporting and provide an opportunity to discuss change requests and challenges.
The Star steering group - which is chaired by Hargreaves Lansdown head of policy Tom McPhail - approved the proposed service level agreements and management information principle requirements.
During the implementation phase, the group will establish what transfer process management information is available to report; establish how much of the proposed reportable management information could be delivered with ‘quick win' processing or system changes; and establish an appropriate approach and timeline to deliver the full management information.
The initiative was set up to define the processes required to complete a transfer, specify good practice targets for each of those processes, and measure, recognise and accredit performance excellence across the industry.
In December, the Financial Conduct Authority (FCA) confirmed it was happy with progress made by the industry through the initiative and said it would continue to monitor the initiative in 2020 and consider further action if necessary.
The FCA has encouraged firms not already signed up to the initiative to consider taking part as a way of improving the switching process and achieving better outcomes for consumers.
There are currently 55 members of the initiative, including Nest, Smart Pension, and Aegon.
McPhail said: "Star is a voluntary framework and has achieved rapid legitimacy and momentum, due to the significant organisations participating representing a cross section of the financial services industry. We have made significant progress.
"The last year has been an intense period or work and the intellect of the industry has put their heads together to drive forward this truly cross-industry solution. Accreditation is just around the corner and as an industry, we have made significant progress. Not only will this initiative improve things for customers, but for participating organisations it will make them more efficient and save money in the process."
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