Standards June programme update

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

• Work is underway to understand the challenges faced by adviser firms in obtaining business information data and MI from platforms and product providers with members of the research group and Advisory businesses.
• Adviser firm interviews, stakeholder engagement and analysis have been completed.

Next steps and how you can help

• The Problem Definition Report (PDR) will be issued in early-mid July.
• Research Group to review and provide feedback on the PDR.
• Research Group meeting on 29 July to discuss and agree the PDR findings.

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

• A working group meeting was held on 26 May to gather initial feedback on the Standard.
• Draft A of the Standard and supporting samples have been published for industry review.
• Working Group review session completed and initial feedback received.
• Feedback period extended to encourage broader industry participation.
• Targeted engagement undertaken with key providers and software suppliers to support feedback and adoption planning.

Next steps and how you can help

• Review feedback received on Draft A and develop Draft B of the Standard.
• Continue industry engagement to validate requirements and implementation considerations.
• Progress towards Working Group sign-off of the Standard design and supporting artefacts.
• Early visibility of implementation intentions from industry participants to help inform adoption planning and prioritisation.

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.
• We are receiving feedback on this standard.
• There has been no further development activity on the Standard in recent months.

Next steps and how you can help

• Continue to hold 1-1 discussions with working group members to explore views and implementation considerations.
• 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

• Progress remains focused on publishing and validating Draft C through implementation and industry engagement before determining the pathway to finalisation.
• Ongoing engagement continues with industry participants to gather implementation feedback and validate the Standard.
• Feedback received to date is being assessed to inform the final stages of Standards development.
• Industry awareness and adoption activities continue to support future implementation.

Next steps and how you can help

• Review and consolidate feedback received from industry participants.
• Assess any required updates to the Standard arising from implementation and validation activity.
• Confirm the approach and timeline for progressing towards finalisation of the Standard.
• Continue industry engagement and development of supporting adoption materials.

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 Quotes Standard.
• We will continue to progress Quotes Annuity CR activity with the Quotes Annuity Working Group. Further Quotes Annuity CRs may be raised following the review of the Retirement Health Form.
• No comments were received from the PSG in relation to CR #1764 - Contract Enquiry Bulk Transaction History. The updated Standard has now been published on the Criterion website.

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.