PSG Update - April 2026

Standards projects

Adviser Business Information

RAG - green

Research project to understand the challenges faced by different sizes/types of adviser firms in obtaining the information needed from platforms and product providers to support their business.

Progress

• A research project is underway to understand the challenges faced by adviser firms in obtaining business information data and MI from platforms and product providers with aberdeen, Embark, Time4Advice & Quilter participating in the research group.
• An email was issued to the research group on approach, timeline and progress on 2 April.
• Research, analysis, and stakeholder interviews are taking place, including adviser firms.

Next steps and how you can help

We are still actively seeking adviser firm input. If you know firms who would like to be involved, please let us know.

Annuity Application 

RAG - green

Develop a new Annuity Application Standard that enables advisers, whether using a portal or adviser software to seamlessly supplement an existing guaranteed quote reference with the additional non‑quote data required to complete an annuity application. This standard aims to streamline data capture and reduce re-keying.

Progress

• Review of the draft Business Requirements Document completed. Finalised document ready for issue.
• Technical review session with the working group was held on 26 March to discuss outstanding questions and validate assumptions.
• Draft A of the standard was issued 30 April.
• A working group meeting has been arranged for 26 May to gather initial feedback on the standard.

Next steps and how you can help

• Samples will be developed to support the standard.
• Early engagement from working group members to help validate the standard is critical to ensure it and can support their submission journeys.
• Working group members should share their implementation plans with Criterion to ensure support can be provided.  

Document Access

RAG - green

Develop a Document Access Standard that enables advisers, via their practice management software, to securely and digitally retrieve client documents from a provider or platform document store, supporting more efficient and integrated adviser workflows.

Progress

• Draft A Document Access Standard remains published and available for review by members who are LPI licence holders.
• There has been no further development activity on the standard in recent months, interest and access requests continue to be managed.

Next steps and how you can help

• Review and assess industry feedback received on the draft A standard.
• Continue to hold 1-1 discussions with working group members to explore views and implementation considerations.
• Continue to respond to requests for access to the draft A standard.
• Where feasible understand potential industry implementation plans.

Platform Account Opening

RAG - green

Develop a Platform Account Opening (PAO) Standard focused on consistent, high‑quality data capture. This new standard aims to replace the current FIT-based approach, reducing inconsistencies and improving integration across the industry.

Progress

• Draft B of the PAO Standard was published earlier this year for industry review.
• Follow-up requests for feedback have been shared with working group members.

Next steps and how you can help

• Continue to conduct 1-1s with working group members who have submitted comments and requested more information.
• Review and consolidate any industry feedback received.  
• Review input received on the standard.

Change requests (CRs) and BAU activity

Progress

• New Business Annuity CRs are being addressed through the Annuity Application Standard, with no changes planned to the existing New Business Annuity Standard Quotes.
• Annuity CRs are paused to prioritise delivery of the Annuity Application Standard.
• Four new business terms have been defined to address inconsistencies between Contract Enquiry Bulk Valuations v1.1 and Bulk Transaction History v1.0, including off‑platform assets.

Next steps

• Subject to capacity we will continue to progress on Quotes Annuity CR activity.
• We anticipate additional Quotes Annuity CRs may be raised following a review of the Retirement Health Form.
• Contract Enquiry Bulk Transaction History solution was shared with the PSG for governance and visibility and is due to be published.