The Transfers and Reregistration Industry Group (TRIG), comprising representatives from 10 major industry trade bodies has today published a Framework for firms to work to in delivering fast, efficient transfers of investment products and assets between different financial businesses and pension schemes. As well as the Framework, TRIG is publishing an RFP for organisations interested in participating in the ongoing governance of this standards Framework.
The deadline for submissions is Friday 31st August.
Hargreaves Lansdown’s Tom McPhail, Chair of TRIG, said:
“Everything we do in this industry has to revolve around meeting our customers’ needs and expectations. Completing customers’ instructions to transfer savings and investments between different financial institutions in a fast, predictable and efficient manner can be a huge challenge, so it is to the industry’s credit it has captured a clear framework which can be applied across multiple transactions and counterparties. This framework creates a benchmark against which the regulators can assess companies’ commitment to treating their customers in a fair and efficient manner. It won’t solve the challenge overnight however it does give the industry a platform on which to build continuing improvements to these complex processes.”
“Adherence to the Framework will not be mandatory at this stage, however we do expect regulators and government departments will be looking at which firms have chosen not to adopt the Framework.”
Rob Yuille, Head of Retirement Policy at the ABI, said:
“This is a key milestone in making transfers and re-registrations serve consumers better and more consistently when they are making such important decisions about their financial future. The Framework sets standards that firms across this diverse industry should aim to follow, so that all customers can expect the same good experience.
“Looking ahead, we now need to find the most suitable organisation to take on the role of governing the Framework, guiding firms to adhere the standards. We look forward to working with whoever is appointed later this year.”
The following statement has been jointly agreed by representatives of the participating organisations in the Transfers and Reregistration Industry Group:
“We endorse this Framework to our members and encourage them to publicly commit their firm to meeting the standards of the Framework.”
The next phase of the governance of the Framework will include a register of firms which have committed to working within the Framework.
TRIG was formed with the purpose of developing a solution to the challenge of improving customer experiences of transferring products and assets between different financial institutions. Following extensive customer research and industry consultation this has now resulted in today’s publication of the transfers Framework.
Notes to editors
Any organisations interested in responding to the RFP, should contact the ABI: [email protected]
The TRIG framework will be available from the websites of the participating organisations, including the ABI.
For further information regarding the work of the Transfers and Reregistration Industry Group, contact:
Tom McPhail, Head of Policy
Hargreaves Lansdown
Direct: 0117 988 9949
Mobile: 07957 273627
E-mail: [email protected]
Twitter: @pensionsmonkey
The following organisations have participated in the TRIG:
- Association of British Insurers (ABI)
- Association of Member-Directed Pension Schemes (AMPS)
- Investment Association (IA)
- Pensions Administration Standards Association (PASA)
- Pensions and Lifetime Savings Association (PLSA)
- Personal Investment Management & Financial Advice Association (PIMFA)
- Society of Pension Professionals (SPP)
- Tax Incentivised Savings Association (TISA)
- UK Finance
- UK Platforms Group (UKPG)
