Head of retirement policy at Hargreaves Lansdown, Tom McPhail, has been unanimously chosen to chair a cross-industry group on pension and investment transfers.

Comprising of members from eight investment and pension trade associations, and nominees from member firms, the group was formed in early 2016 to investigate methods of improving the possess of transferring pensions and investment assets.

As the group's new chair, McPhail succeeds Fidelity International's Ed Dymott.
The group published a consultation paper in December 2016 outlining five proposals to improve the transfer process.

The proposals made relate to both transfers and re-registrations of retail financial products. These include the development of common industry standards and good practice guidelines for the retail investment and pension industry, an independent governance body to oversee implementation of final proposals and the creation of clear service expectations for transfers and re-registrations, among others.

Commenting on the group and his appointment McPhail said: "With the demand for the volume of transfers and re-registrations set to increase in future, and ever-increasing customer expectations around the timeliness and quality of switching, this is likely to become an increasingly important issue for pension and investment providers.

"I’m excited to be leading this initiative as it moves into its next stage, and I encourage all affected stakeholders to engage with the consultation paper and make their views heard."

ABI director of policy, long term savings and protection, Yvonne Braun, added: "Tom is a well-known commentator with in-depth knowledge of the products and tax wrappers affected by transfers and re-registrations, as well as a strong track record of advocating for better consumer outcomes.

"We’re delighted to be working with him on the next phase of this initiative, as the trade bodies consider the feedback from industry to inform our final recommendations."

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