We’ve been delivering standards and governance services to the UK’s financial services industry since 1989.
Criterion was formed for the industry in 2017, as an independent, not-for-profit industry body providing standards and governance services. However, we have been publishing process and integration standards for over 25 years.
In September 2020, we became fully independent as the industry’s not-for-profit Standards and Governance services body.
Criterion reaches full independence
The introduction of STAR, a joint venture between TeX and Criterion to galvanise the industry to shape recognised, industry-wide standards and promote good practice in transfers.
Find out more about STAR
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.
Continued development and enhancement of our suite of standards to ensure we meet the evolving needs of the industry:
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.
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.
We published a variety of standards from 2000:
First Standard, Commission EDI launched to market.
Origo was established with only 3 employees