Standards projects

Platform Account Opening 

A Standards Development project to develop a Platform Account Opening (PAO) Standard with a focused data content that will reduce the level of inconsistency experienced under the current FIT-based approach.

Progress

  • Draft A PAO Standard including all 19 resource OpenAPI definitions available here.
  • Work on refinement of Draft A PAO Standard including orchestration material continues.
  • Feedback from working group emphasised as important during standards development, and industry participants requested to review draft standards material and provide comments.

Future milestones - May

  • Continue to seek industry comments and feedback on published material.
  • Publish Draft B PAO Standard, including refinement of resources and orchestration material.
  • Remove access to Draft A PAO Standard.
  • Further 1-1 meetings with working group members as required.
  • Press release to be distributed to the trade media – ‘First industry standard developed to transform platform account opening for advisers’.

The working group is scheduled to meet at the end of May 2025.

Occupation Codes List 

Implementation Group

Supporting industry adoption of the revised occupation codes standard used in quotations and new business processes. 

Progress

At the Implementation Group meeting on 8 April there were only two providers still to implement version 3.1; one expected to implement in April and one in May. The portals confirmed that their implementation dates will take place after the last provider implements. 

Future Milestones - May

  • Implementation Group meeting to be held on 22 May to review progress of outstanding provider implementations.

Group Risk Quotes and Placement

Develop standards for Group Risk Quotes (GRQ); similar Re-Pricing and Rate Review processes; and Placement.

Project activity is on hold until industry demand emerges.

Protection Policy Retention 

Develop standards supporting communication to advisers and other distributors of events in relation to protection policies that might put at risk continuing cover.

Project activity is on hold until adviser demand is fully understood and a clear steer on technical delivery is available. We have written to the working group members to gauge demand for the continuation of this development.

There is an ongoing conversation with the Protection Distributors Group (PDG) where there appears appetite to progress activity.

Future Milestones - May

  • Assess demand with the PSG and the Protection Distributors Group.

BAU Change Requests

Ongoing activity in relation to maintenance of current standards via change management process.

Progress

  • PSG feedback was received which indicated appetite for a project to be initiated to progress with the various CRs relating to the QNB Annuities Standard.

Future milestones - May

  • Discuss the change request activity with the PSG at their meeting in Edinburgh.
  • Publish documented solutions for the lifetime allowance abolishment changes on impacted standards.