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

  • Industry participants have been requested to review Draft B standards material, which was published in mid-May, and provide comments - little feedback from working group has been received to date.
  • Further press and social media articles published.
  • Hold 1-1 meetings with Working Group members as required.
  • Assess any industry feedback.
  • Respond to requests for access to Draft B PAO Standard via license agreement.
  • Assess appetite to progress with this protection policy retention activity.

Future Milestones - September:

  • Hold 1-1 meetings with working group members as required.
  • Assess any industry feedback.
  • Respond to requests for access to Draft B PAO Standard via license agreement.

Occupation Codes List Implementation Group

Supporting industry adoption of the revised Occupation Codes List Standard used in quotations and new business processes. 

Progress 

Confirmation was received on 28 August that final organisation successfully implemented their changes. Criterion is internally reviewing the implementation process. 

Criterion will raise change requests for the changes highlighted during the implementation phase for consideration in the next review, proposed for August 2028.

Group Risk Quotes and Placement

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

As part of the annual prioritisation exercise, the PSG recommended that this project be closed. This recommendation will be shared with the SaGE and progress next steps.  If this project activity – which is currently on hold – is closed then there will be no further updates on it.

Protection Policy Retention 

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

There remains a number of opinions on the level of demand there is for standardisation. Criterion is working with interested parties to determine demand.  The FCA’s Pure Protection Market Stud could impact protection standards, and policy retention will continue to be consider.

Future Milestones - September:

  • Assess appetite to progress with this protection policy retention activity.

Document Vault

Develop a standard to enable advisers, through their practice management software, to digitally obtain secure client documents from a provider or platform’s document store on behalf of their clients.

Progress

  • The third working group meeting was held on the 14 August.
  • A walkthrough of various technical documents was given, including changes applied to the Business Requirements Document Draft B.
  • It was agreed that Document Access would be a more fitting name for the standard.

Future Milestones - September:

  • The next working group meeting scheduled is 11 September.
  • Confirm implementation plans.
  • Publication of business and technical artefacts.

Post Quote Annuity Application Data

Develop a new Post-Quote Annuity Application Data (PQAAD) standard to enable advisers, using a portal or adviser software, to supplement an existing guaranteed quote reference with the additional non-quote data required to populate the annuity application.

Progress

  • The August working group meeting discussed the best approach to gather data requirements for the new Standard.
  • Progress is being made on reviewing the existing Quotes/ New Business Standards was a sensible first step.

Future Milestones - September:

  • Work will continue on the review of the existing standards.
  • Develop data requirements for the Post-Quote Annuity Application Data Standard.
  • Remuneration Statement v1.3 was published on 11 Aug 2025. This incorporated 2 Change Requests (CR1248 and CR1727), the detailed solutions of which were available for industry review in advance of publication.
  • Early analysis activity continues on Quotes New Business Annuity CRs – within the context of PSG direction to await further progress on Post-quote Annuity Application Data Standard development activity.
  • Continue with Quotes New Business Annuity CRs analysis and mobilise project working group.

BAU change requests 

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

Progress 

  • Remuneration Statement v1.3 was published on 11 Aug 2025. This incorporated 2 Change Requests (CR1248 and CR1727), the detailed solutions of which were available for industry review in advance of publication.
  • Early analysis activity continues on Quotes New Business Annuity CRs – within the context of PSG direction to await further progress on Post-Quote Annuity Application Data Standard development activity.

Future milestones - September:

  • Continue with Quotes New Business Annuity CRs analysis and mobilise project working group.

Standards published:

  • LoA Data Checklist for Investments v1.0 Draft A.
  • V1.3 Remuneration Statement (XML)

Other documents:

  • PQAAD Data Process Flow