COVID-19 Update

The Criterion team continues to work from home successfully in response to the current COVID-19 situation.

We are well placed to continue with our Standards commitments over the coming weeks whilst recognising that operational constraints may make it harder for Working Group Members and other interested parties to engage with us fully.  We will continue with our deliveries and keep the PSG and other interested parties updated regarding any unavoidable impact.

Standards Governance

Progress this Month
The PSG last met on 19 August and full minutes are available on the meeting page.

Future Milestones
Meetings for 2020
Wednesday 4 November 2020

Equity Release Integration

Criterion has offered members of the Equity Release Working Group to provide Governance and Management of the Quotes and KFI Data Messaging Standard developed by IRESS as a Criterion Standards for the benefit of the Industry.

Progress this Month
Criterion has concluded an IP Transfer Agreement with Iress so that the Quotes / KFI data integration designs created in the course of their Equity Release developments can be managed as an industry Standard.

Future Milestones

  • Complete a briefing with the IRESS team to facilitate Criterion’s understanding of the designs and underlying rationale.
  • Re-engage with lenders and other stakeholders regarding our approach to ongoing management.

Letter of Authority Standards Development

Development Project to develop Standard to support the Letter of Authority fulfilment process for DB, DC Pensions, Annuities, Protection and Investment Products.

Progress this Month

  • Phase 1 – DC Pensions: Good progress made with the XML Schemas, MIGs and CSV with the Draft A XML and CSV Standards deliverables issued to Working Group for Review.
  • Phase 2 – Investments: The Draft A BRD for Investments LoA Fulfilment was reviewed by the Working Group and further Analysis carried out on Investment Charges data items and an approach agreed. Working Group for review.

Future Milestones
October

  • Conclude BRD for Phase 2. Issue Draft A Standards for Phase 1 for JSON and API Definitions Draft A. Hold Working Group meetings to review each.
  • Commence build of Draft Final Standards for DC Pensions Fulfilment.
  • Commence build of Draft A Investment Fulfilment Standards.

Wet Signature Alternatives Research

Investigation into opportunities to adopt alternatives to wet signatures that have come to light since Criterion’s previous research in this area, particularly in light of pandemic-driven operational challenges.

Progress this Month
Updated Problem Definition Report published to the Research Group following review and discussion and recommendations and conclusion accepted by the Research Group.

Future Milestones
October
No activity planned – Research Project completed.

Occupation Codes List 2020 Update

Update of the Occupation Codes Standard used in quotations and new business processes.

Progress this Month
3rd Iteration of the Occupation Code List issued and reviewed by Working Group. Discussions commended on the implementation approach for the v3 Occupations Code List 2020.

Future Milestones
October
Agree the final content and format of the v3 Occupation Code List 2020. Hold further meeting to review, discuss and agree the Implementation Approach for the v3 Occupations Code List 2020.