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 B PAO Standard including all 19 resource OpenAPI definitions and PAO specific orchestration material published on the website in May.
- Industry participants requested to review Draft B Standards material and provide comments - little feedback from working group has been received.
- Press and social media articles published.
Future milestones - July
- Hold 1-1 meetings with working group members as required.
- Assess any industry feedback.
- Respond to any requests for access to Draft B PAO Standard via license agreement.
- Further industry comms/articles.
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 26 June three of the portals confirmed that they had now implemented the changes. One portal confirmed that they are due to implement towards the end of July.
Future Milestones - July
- An implementation group meeting will be held on 31 July to review progress of the final portal implementation and to agree when the next review of the list shall commence.
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. Criterion has 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 where there appears appetite to progress activity.
Future Milestones - July
- Hold a Protection Policy Retention Working Group meeting to assess the current demand.
Document Vault
Develop a standard supporting 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
- Initial working group meeting was held to discuss high level requirements and technical design approach.
- Development commenced on Business Requirements Document and technical design.
Future Milestones - July
- Hold further working group meeting to progress standard deliverables.
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
- Terms of Reference issued to proposer and seconder and invites issued for working group participants.
Future Milestones - July
- Hold initial working group meeting to progress standard deliverables.
BAU Change Requests
Ongoing activity in relation to maintenance of current standards via change management process.
Progress
- Development of the solution for two Change Requests (CR1248 and CR1727) to Remuneration Statement is underway.
- Initial activity has commenced on Quotes New Business Annuity CRs analysis – within the context of PSG direction to await further progress on PQAAD Research activity.
Future Milestones - July
- Make Remuneration Statement CRs available on the website for a period of review in advance of the standard being updated and a new version published.
- Continue with Quotes New Business Annuity CRs analysis and spin up project working group
