The number of brands awarded with Star accreditation has grown by 16 per cent in the past year, with 37 brands awarded accreditations in its latest update.

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".

Star argued that the initiative is particularly important when considering the Financial Conduct Authority’s (FCA) Consumer Duty rules, which laid out rules to avoid causing foreseeable harm to customers and supporting customers to pursue their financial objectives.

Commenting on the latest round of accreditations, Star chair, Andrew Marker, said : “I am proud of how far the STAR initiative has come in the years of accrediting firms.

“This year, it has seen a significant increase in organisations being accredited, which is reflective of the FCA’s Consumer Duty rules and organisations recognising that improving transfers is key to not only fulfilling these rules, but also driving their own success.

“We commend the firms that have taken proactive steps to participate in STAR. It signifies their willingness to be transparent, their dedication to improving transfer times and ultimately, enhance the customer experience.”

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