For example, issuing a quote to a member should take no longer than seven or eight working days, while the settlement process – the time spent between receiving all the forms and paying the transfer – should only take nine working days.
Ms Durham said: "The turn-around times seem optimistic, but it’s good to aim high.
"Getting the right information has been a struggle, and these forms would really help – anything that standardises the industry has in general been beneficial, as it makes the whole process more streamlined and more straightforward.
"When data is consistently presented in the same format, it becomes easier to extract what you need as you know exactly where to look."
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