Capita is the fiftieth organisation to support the STAR initiative, which aims to galvanise the industry in its goal of improving the outcomes for individuals wanting to transfer their assets, such as pensions and investments.

Fifty firms have now signed up to the STAR initiative, which officially launched in November last year and was said to have companies and organisations “committed to shaping recognised, industry-wide standards to promote good practice in transfers”.

The STAR remit aims to:

1.         Define the processes required to complete a transfer;

2.         Specify good practice targets for each of those processes;

3.         Measure, recognise and accredit performance excellence across the industry.

Tom McPhail, of Hargreaves Lansdown and founding chair of the STAR Steering Group, said: “We are delighted that Capita is supporting the STAR initiative.

“Frankly the more organisations that become involved, the firmer our foundations are and the more momentum we have.

“We are pleased with wide-ranging and extensive industry support we have received and continue to receive.

“We are in the final stages of our ISA/GIA working groups and have started both pension working groups, which are galvanising the industry to forge ahead with change and to improve things for consumers.”

Nigel Purveur, managing director of Capita Pensions and Benefits, said: “We are delighted to be part of the team who shape the future of transfers.

“We want to be part of this critical initiative to drive best practice, which is challenging the industry to change the rules of our own game.

“As part of Capita’s transformation, we want to demonstrate how we are changing to benefit our clients and customers. 

“Joining STAR is a great example of just that.

“Through STAR, the industry has the opportunity to demonstrate its commitment to improving consumer outcomes, in advance of the Regulator's review of progress, which is due this winter.”

STAR Members (In alphabetical order)

1.        Aegon

2.        AJ Bell

3.        Aviva

4.        B&CE

5.        Barclays

6.        Barnett Waddingham

7.        BNY Mellon

8.        Brewin Dolphin

9.        Capita

10.       DST Funds

11.       Dunstan Thomas

12.       Embark Group

13.       Equiniti

14.       Fidelity

15.       FNZ

16.       Fusion Wealth

17.       Hargreaves Lansdown

18.       Hodge Lifetime

19.       Interactive Investor

20.       Invesco

21.       James Hay

22.       Janus Henderson

23.       JP Morgan

24.       Legal & General

25.       LV=

26.       Mercer

27.       NEST Corporation

28.       Now: Pensions

29.       Nucleus

30.       Nutmeg

31.       Old Mutual Wealth

32.       Parmenion

33.       Pershing

34.       Phoenix Group

35.       Prudential

36.       RBS Group

37.       Reassure

38.       Royal London

39.       Salvus Master Trust

40.       Scottish Widows

41.       Seven Investment Management

42.       Smart Pension

43.       Sovereign

44.       Standard Life Aberdeen

45.       Transact

46.       Vanguard

47.       Wealthtime

48.       Willis Towers Watson

49.       XPS Pension Group

50.       Zurich