New home for Criterion
In December 2022, we relocated to one of Scotland’s major financial districts in Edinburgh at 9-10 St. Andrew Square.
This is a milestone for Criterion and reflects our continued role in supporting the financial services industry.Our new home
Three years of fundraising for Waverley Care
To mark World AIDS Day 2022, we presented our corporate charity partner, Waverley Care, with a cheque for an incredible £28,922.85 - the total amount we have raised in the last three years.Three years of fundraising for Waverley Care
STAR launches accreditation scheme
STAR launched its first transfer accreditation marks in November 2022 - the largest piece of industry collaboration for decades.STAR launches accreditation scheme
Criterion enters Equity Release market
In October 2021, we entered the Equity Release market, taking on the stewardship and governance of API Standards designs for Quotes / KFIs.Criterion enters the Equity Release market
STAR reaches significant milestones
The STAR initiative has agreed Core Management Information (MI) and is also working towards Full MI reporting. This more detailed MI will provide an indication of how an organisation is performing in the specific processes that it is responsible for in a transfer / re-registration journey.
This is a key milestone for STAR, enabling the initiative to become the single, authoritative source of transfer data on how firms are performing. STAR accreditations of bronze, silver and gold will be awarded so that performance can be evidenced, rewarded and improvements encouraged across the industry.STAR reaches significant milestones
General Data Protection Regulation (GDPR)
The Criterion Standards were established over 25 years ago and underpin the exchange of data between organisations in the financial services industry. This makes it easier for product providers, platforms, administrators, portals and advisers to work with each other. Criterion is owned by industry companies.
In response to industry demand, the Origo Board decided in order to eliminate the perception of a conflict of interest between the services provided by Origo and its provision of Standards to the industry, a separate company should be created.
Criterion was created on 12 June 2017 and became custodian of the Standards.
And so we began on our path to independence.
The Financial Conduct Authority (FCA) was established on 1 April 2013, taking over responsibility for the regulation of businesses from the FSA.
Enhancing the Standards Library
Continued development and enhancement of our suite of standards to ensure we meet the evolving needs of the industry:
- Auto Enrolment (2013)
- Legal Framework (ANP & AE 2015)
- Bulk Valuations (2018 CSV & XML)
- Legal Framework (GDPR 2018)
- Bulk Transaction History (2019)
Auto Enrolment standards
Retail Distribution Review (RDR)
Flexible Integration Toolkit released
We launched our Flexible Integration Toolkit (FIT) in 2011. A group of standards, increasing speed to market and reducing development costs.
The FIT Standards suite provide the means to adapt a Standard to suit specific business needs.
Continual development of our Standards
- New Business Tracking (2008)
- Contract Enquiry Wrap Platform Accounts (2010)
- Remuneration Statement (2011 RDR)
- Quotes & New Business (2011 RDR)
- New Business Annuities (2012)
Pensions Simplification (A-Day)
Legal Framework launched
We published our first Legal Framework Standard in 2004.
The Financial Services Authority was formed on 28 October 1997 but it didn't begin regulating the conduct of businesses until the Financial Services and Markets Act 2000 came into force on 1 December 2001.
Developing our Standards Library
We published a variety of standards from 2000:
- Remote Publishing (2000)
- Real Time % Bulk Contract Enquiry (2000 xml)
- Quotes & New Business v3.0 (2001)
- Occupation Codes (2002)
- Extranet Linking (2002)
- Remote Publishing (2002)
- HTTP Message Transmission Guidelines
- Single & Multi Account (2002)
- Commission XML (2002)
- Process Architecture (2003)
Quotes & New Business and Declaration Approach
- 1997 Declaration Approach – first use of alternative to wet signatures
- 1998 New Business and Bulk Data Download first published
- 1999 Quotes – our first XML standard
First standard published
First Standard, Commission EDI launched to market.
Origo was established with only 3 employees