The Star initiative has awarded 27 brands with accreditation in its second year, marking a 50 per cent increase on its first round of accreditations in 2022.

The latest update from the initiative revealed that there are now 77 organisations participating in Star in various states of readiness, across the four categories of accreditation.

Five providers were awarded an occupational pensions accreditation, the same overall number as in 2022, with Aegon UK, Nest Corporation and Phoenix Life awarded bronze, while Standard Life Assets and Employee Services and Legal & General were awarded silver.

In addition to the increased number of accreditations, Star noted that the Financial Conduct Authority (FCA) has also thrown its support behind the initiative, recently outlining the need for organisations to improve transfer times to fulfil the new rules on Consumer Duty in a Dear CEO letter in February 2023.

"Improving transfer times is critical in improving consumers' ability to shop around and switch to a platform that better meets their needs," the FCA said.

"The FCA is supportive of the progress Star has made to date, which aims to bring down transfer times. Reducing transfer times remains a priority for the FCA.”

Under the initiative, which launched in 2019, organisations are judged using a points based metric system and scored on several key areas, including how companies communicate with their customers on that journey, and the average number of days to transfer a customer's assets.

However, Star emphasised that one area of good performance can’t outweigh the poor performance in another, clarifying that companies are measured not only on the overall transfer time, as there are also a lot of mitigating factors to consider when reviewing the overall performance of an organisation.

Commenting on the latest update, Star chair, Andrew Marker, said: "I’m delighted to see participation grow in the vital piece of industry collaboration. I am proud of the efforts made by everyone involved in the initiative.

"The organisations participating in Star are the ones who recognise the urgency and importance of improving the transfer processes for the benefit of their customers.

“With the introduction of the new Consumer Duty rules by the FCA, organisations must step up and take action to meet these requirements. Through Star, we are driving positive change and creating a better experience for consumers.

“Joining Star demonstrates a firm's commitment towards achieving favourable customer outcomes, ensuring prompt investment transfers, and being able to substantiate it with an accreditation. Therefore, we urge all companies who are not currently involved with Star to become a part of it.”

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