Origo to revise governance structure to support industry change and improve customer outcomes
- Reflecting market change and serving evolving customer requirements
- Separate subsidiary established to clearly segregate Standards from operational services
- Standards service to be positioned as an industry utility
- Independent status reinforced through new non-executive Director appointments
Responding to market change, today Origo announces a new governance structure to provide a clear distinction between its ‘Standards and Governance’ services and its operational services, including its £100bn Options Transfers service, the Integration Hub and UNIPASS security.
Origo is creating clear and separate governance arrangements to reflect the differences between these two distinct business operations. This means establishing a new subsidiary company to oversee its highly regarded Standards activities.
This subsidiary will operate with a new Board, tasked with making Standards provision a high quality industry utility that represents all constituents of the UK long-term savings and investment market.
To ensure that the interests of customers from all sectors are fairly represented, new independent non-executive Director appointments will be made.
Iain Duffin, Chairman of Origo commented: “As a cross-industry, not-for-profit body, Origo always seeks to forward the interests of consumers and ensure that these interests are protected. With unprecedented change to the market, including new government/regulatory initiatives, new propositions and new entrants, it is important that Origo also evolves to help shape a more connected future.
The Board is clear in its expectation that Origo should take a leading role in supporting this change. The announcements today create greater clarity of purpose, engender trust across all sectors and facilitate improved industry responses to the government and regulatory agenda.”
Paul Pettitt, Managing Director commented: “The Origo Board is keen to work with all providers, platforms, schemes, third-party-administrators, industry bodies, the regulator and Government to enable better collaboration in pursuit of improved customer outcomes.
“I believe the announcement today, which will be rapidly implemented, is a key step towards removing duplication, complexity and cost across all sectors for the benefit of consumers, and is a step forward in building trust and integrity across the market.”