Posted on by Nigel Ross-Scott

Press Release

PIMFA & industry representatives come together to tackle pension & investment transfers challenge

3rd July 2018


The Transfers and Re-registration Industry Group (TRIG), comprising representatives from ten major industry trade bodies have published a final industry Framework on transfers and re-registration for firms to work on delivering fast, efficient transfers of investment products and assets between different financial businesses and pension schemes.  Accompanying this is a Q&A document that responds to some wider questions raised during the project.

As well as the Framework, the TRIG has also published an RFP for organisations interested in participating in the ongoing governance of this standards Framework.  The deadline for RFP submissions is Friday 31st August.

PIMFA, the UK’s leading wealth management and financial advice association and one of these key 10 trade bodies welcomes the launch as a key step in helping industry come together to ensure positive consumer outcomes.

Kevin Sloane, Senior Policy Adviser at PIMFA and TRIG representative commented:

“The publication of this framework is a major milestone for the TRIG project.  It has been a long road with many stakeholders to satisfy, but at last we have a documented and agreed base to build upon.”

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.”

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 the publication of the transfers Framework.

To read the framework, click here.

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Notes for Editors

The Transfers and Reregistration Industry Group (TRIG) Members

  • The Association of British Insurers
  • The Association of Member Directed Pension Schemes
  • The Investment Association
  • Pensions Administration Standards Association
  • The Pensions and Lifetime Savings Association
  • The Personal Investment Management & Financial Advice Association
  • The Society of Pension Professionals
  • The Tax Incentivised Savings Association
  • UK Finance
  • The UK Platform Group

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the UK’s leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms.
    Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.
    Associate members provide professional services to the PIMFA community.
  • PIMFAleads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena.  Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association going back for 27 years – read more.

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