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
- PAO Working group meeting held 16 July 2025.
- 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.
- Press and social media articles published.
Future Milestones - August
- 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.
- Further industry comms/articles.
- A working group meeting will be held in September to review the demand to support.
Occupation Codes List Implementation Group
Supporting industry adoption of the revised Occupation Codes List Standard used in quotations and new business processes.
Progress
At the implementation group meeting on 31 July the sole remaining organisation to implement confirmed that they are due to implement towards the end of August. At that point the working group agreed that no further meetings were required. Criterion will hold an internal review of the 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.
Project activity is on hold until industry demand emerges.
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.
A working group meeting was held on 22 July 25.
There are still mixed opinions on the level of demand there is for Standardisation. Criterion asked working group members to provide any further input on appetite to progress with this project. A number of organisations are still looking for quantifiable evidence to support this.
Future Milestones - September
- A working group meeting will be held in September to review the demand to support.
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 second working group meeting was held on the 10 July to provide an update and gather input on the Draft A - Business Requirements Document.
- The technical approach was discussed providing valuable insight to further build upon the technical design.
Future Milestones - August
- Hold further working group meeting to progress standard deliverables.
- Review the possibility of renaming the resultant standard to something more fitting.
- Continue to work on business and technical materials.
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.
- An initial working group meeting was held to review the Terms of Reference, draft process and discuss initial questions and assumptions.
Future Milestones - August
- A working group meeting to be held review progress and agree data approach.
BAU Change Requests
Ongoing activity in relation to maintenance of current standards via change management process.
Progress
- Proposed solutions for two Change Requests (CR1248 and CR1727) to Remuneration Statement have been published on the Criterion website and industry participants have been asked to review. The window for comments on the solutions closed on 11 Aug 2025.
- Early analysis activity continues on Quotes New Business Annuity CRs – within the context of PSG direction to await further progress on PQAAD Standard development activity.
Future milestones - August
- Publish v1.3 Final of the Remuneration Statement Standard following end of solution review period.
- Continue with Quotes New Business Annuity CRs analysis and spin up project working group.
