Governance update

Process and Standards Group (PSG)

The PSG met in two sessions in February. The first was a Focus Session that discussed decumulation processes for input into the Market Landscape Review exercise. The second was a Plenary Session, where the Group discussed the progress of Standards development projects as well as talking about delivery of FCA FRN format changes.

The group also met in March to discuss the potential impact of the Spring Budget 2023 and agreed there was no immediate impact.

All inputs and minutes can be found on our website for those who have access.

Standards Technical Architecture Group (STAG)

Criterion will continue to liaise with the STAG on the technical direction of Standards, and how the emergence and adoption of new technologies will shape their future.

There have been no recent meetings with the group and no further meetings are planned.

Standards projects

LoA Standards development

Development project to develop Standards to support the Letter of Authority fulfilment process for DB, DC pensions, annuities, protection and investment products.

Phase 3 - Protection

Awaiting confirmation from the Working Group if demand exists for OpenAPI and JSON versions of LoA Protection Standards.

Phase 4 - LoA Request

Progress has been made with the schema development and is now in the final stages prior to publication of the LoA Request Standards.

Future Milestones - Q1 2023

  • Complete technical development of Draft A LoA Request Standards.
  • Publish LoA Request Standards.

Occupation Codes List Update

Update Implementation Group

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

  • The final lists, v3.1 and a combined v2 to v3.1 occupations list have been published.
  • Providers agreed to support the combined v2.0 and 3.1 of the occupations list between Q2 and Q4 2023.
  • Further meetings are being arranged to track the agreed Implementation window. 

Future Milestones - Q2 2023

  • A further meeting has been arranged for 18 April to review current development plans.

Group Risk Quotes and Placement

Standards Development project to develop Standards for Group Risk Quotes (GRQ); similar Re-Pricing and Rate Review processes; and Placement.

The BRD Draft E, was signed off in January and the Candidate Design was agreed with the GRQ Working Group.  A detailed plan has been developed and the GRQ Standards Technical Development is about to commence to deliver JSON and OpenAPI Standards for GLA for New Business, Rate Review and Re-Pricing.

Future Milestones - April

  • Commence technical development of the GRQ Standards for GLA New Provider, Rate Review and Repricing for Request and Response.
  • Continue analysis for GRQ Placement for GLA.

Enhanced CIC Research

Research activity to investigate the potential to support Enhanced Critical Illness Cover (CIC) / Children’s Critical Illness Cover within the Protection Quotes and New Business Standards.

Progress

  • Survey issued for completion and responses received.
  • Problem Definition Report (PDR) produced using survey responses.
  • PDR issued to Research Group for comment and views on whether industry appetite for standard definition of ‘Enhanced’ exists.

Future Milestones - April

  • Understand whether there is industry appetite for standard definition of ‘Enhanced’.
  • Agree next steps / outcomes of this research.

BAU Change Requests

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

Progress

  • All Standards updated to support 7 digit FRNs have now been published.
  • Work has commenced to finalise these Standards – initial set have already been published as Final.

Future Milestone - April

  • Continue finalisation of Standards updated for 7 digit FRNs. 

Standards published since last update

Documents published since last update