An industry working group has published a consultation with five proposals to improve pension and investment transfers.

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

The review is seeking feedback on these proposals and other ways to drive improvement by 31 January 2017, with a final set of recommendations due to be published in spring 2017. This work has been undertaken by the industry, but in consultation with the FCA, DWP and TPR.

The five proposals include the creation of clear service expectations for transfers and re-registrations, including a 48 hour standard for completing each step in the process; the collection of high level management information and a common reporting methodology for all transfers and re-registration instructions; and, the creation of a forum to identify, prioritise and implement solutions that resolve unnecessary barriers to transfer and re-registration processes.

In addition, the consultation recommends the development of common industry standards and good practice guidelines for the retail investment and pensions industry and the establishment of an independent governance and oversight body to oversee the implementation of the final proposals.

The working group compromises of the Association of British Insurers, The Association of Member Directed Pension Schemes, The Association of Professional Financial Advisers, The British Bankers’ Association, The Investment Association, The Tax Incentivised Savings Association, The UK Platform Group and the Wealth Management Association.

The review has undertaken detailed analysis of the current processes, sought views from the industry, and conducted primary research to understand the views of consumers. Analysis highlighted that while there was a generally high level of consumer satisfaction with the majority of transfer and re-registration processes, outcomes can vary, sometimes significantly, by provider, by wrapper and by asset type. It also identified scope to improve firms’ accountability for delivering good customer outcomes within some transfer and re-registration processes.

Fidelity International head of business development and chair of the group Ed Dymott said: “Enabling consumers to shop around and move between providers is fundamental to any competitive market. For pensions and investments, this means customers need to be able to consolidate or move their assets between different providers efficiently and with clarity at all stages.

This review recognises that this is a highly complex area, with a broad range of different products and participants involved in the transfer process. There is some good market practice already in existence that can be built on, however we also recognise there are parts of the market where improvements can be made. We believe the five proposals under consultation can provide the framework for improving client outcomes for transfers.”

Furthermore, ABI director of policy for long term savings and protection Yvonne Braun said: “This initiative aims to speed up the transfer and re-registration process and is a positive example of the industry collaborating to make things better for consumers. We’re pleased to be co-ordinating this work and are now consulting with the wider industry and all interested stakeholders to ensure our proposed next steps are practical.”

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