The STAR initiative, the cross-industry group aiming to improve the transfer of pension and investment assets between providers, is to seek a new chairman following the decision by its chairman Tom McPhail of Hargreaves Lansdown to leave the industry.

Mr Mc Phail announced this week he would be leaving his role as a pensions expert and lobbyist at HL to help drive forward a new electric bicycle company.

STAR is backed by 60 financial and tech firms and has a mission to make it easier to transfer savings and investments between companies. Mr McPhail was a founding chair.

In a statement the STAR group said this week: “The STAR initiative will miss him both in his capacity as chair and as a force for change in the industry. He will be continuing in his role for the next month and will chair the next STAR Steering Group meeting, as we work to find a suitable replacement. 

“We thank him for his tireless work over the past year in helping STAR achieve significant milestones and we wish him every success in his new career outside of the financial services industry.”

The STAR initiative recently set out principles for the formation of the Implementation Group and commencement of the next phase for GIA/ISA and Individual Pensions & SIPPs. 

The group said Mr McPhail has been instrumental in helping to drive the industry towards improving transfer times, both as chair of the STAR Steering Group and his previous work as chair of the Transfers and Re-registration Industry Group (TRIG).