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Asset Transfer

Following a request from the FCA in February 2016, eight of the leading investment and pension trade associations joined forces to establish the Transfers and Re-registration Industry Group (TRIG).

TRIG’s objectives are to explore ways of improving the process of transferring pension and investment assets and drive forward best practices in this area. Following a review process, that enabled the group to better understand the scale and complexity of the challenge which covers 549 different processes, a consultation paper containing 5 proposals was published on 5th December 2016, which you can read here.

The proposals relate to both transfers and re-registrations of retail financial products, covering a broad range of tax wrappers and those asset types that  are held in these wrappers.  They are as follows:

  1. The creation of clear service expectations for transfers and re-registrations, including a 48 hour standard for completing each ‘step’ in the process.
  2. The collection of high level management information and a common reporting methodology for all transfers and re-registration instructions.
  3. The creation of a forum to identify, prioritise and implement solutions that resolve unnecessary barriers to transfer and re-registration processes.
  4. The development of common industry standards and good practice guidelines for the retail investment and pensions industry.
  5. The establishment of an independent governance and oversight body to oversee the implementation of the final proposals.

TRIG sought feedback on these proposals and other ways to drive improvement by 31st January 2017.  This work was undertaken by the industry but in consultation with the FCA, The Department of Work and Pensions and the Pensions Regulator.  The group received 44 responses from various stakeholders across the retail investment and pensions industries.

In August 2017, TRIG published a Progress Update, including a brief overview of responses received in January plus next steps, this can be accessed here.

TRIG is comprised of members and representatives of the following industry associations:

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