The Star initiative has awarded a further four brands with accreditations, bringing the total number of accredited brands to 33.

The latest round of accreditations saw Fidelity International (Pensions) awarded a gold accreditation in the personal pension category, while ReAssure was awarded a silver accreditation in the same category.

In addition to this, Jupiter was awarded a gold accreditation in the asset manager category, while M&G Securities Limited was awarded a gold accreditation in both the asset manager category and the ISA/GI category.

The award scheme was launched by Criterion and TeX in 2019 as a method of tackling the delay of transfers for consumers, when accessing their savings, investments, and pensions.

Star accreditations are based on several factors, with each organisation measured on a range of previously agreed key performance indicators, not only on the overall transfer time, but also on how firms communicate with clients during the process.

The initiative announced its first round of accreditation in 2022, in what was described as the "biggest piece of industry collaboration for decades".

The latest round of accreditations was announced amid renewed support for the initiative from the Financial Conduct Authority (FCA), with a letter from the FCA stating: “As a vehicle to standardise and demonstrate reasonable industry transfer times, we expect firms to engage with, (if not already) and continue to, support the principles and FCA Public actions endorsed by Star initiative.

"Where firms are reporting poor transfer times in comparison with peers and do not already engage with Star, we will be enquiring about their justification for non-engagement and will act in the absence of progress on transfer times.”

Star chair, Andrew Marker, said: “Delighted the initiative continues to grow. Wonderful to see a ringing endorsement from the FCA and pleased we can help firms meet their consumer duty objectives.

“In light of the higher standards mandated by the Consumer Duty, prompt and efficient transfers are absolutely crucial for ensuring positive outcomes for consumers. Star is a way that firms can show they are part of the solution and not part of the problem. Not only that, but it’s the only way firms can effectively showcase their transfer performance to consumers.”

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