Standards projects
Post Quote Annuity Application Data
Develop a new 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
- A meeting was held on 11 November 2025 to review the Quotes/New Business Annuities Comparison document, to agree which data items can be excluded from the new standard. An updated version of the document was issued on 28 November 2025.
- A review of existing application forms is underway to identify additional requirements.
- Work continued developing business and data requirements.
- Consideration being given to the name of the standard delivered via this project.
Future milestones - December
- A further meeting will be held to discuss additional requirements from previously raised new business change requests and the review of provider application forms.
Platform Account Opening
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
- Further requests have been made for industry participants to review draft B standards material, which was published earlier in the year, and provide comments - little feedback from working group has been received to date.
Future milestones - December
- Hold 1-1 meetings with working group members as required.
- Assess industry feedback.
- Respond to requests for access to Draft B PAO Standard.
Document Access
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
- Draft A of the Document Access Standard remains published on the website and is available for review to members who are LPI license holders.
Future milestone - December
- Assess any industry feedback received on the Draft A Standard.
- Hold 1-1 meetings with working group members as required.
- Respond to requests for access to the draft A standard.
- Where possible, determine industry implementation plans.
Occupation Codes List Implementation Group
Support industry adoption of the revised Occupation Codes List Standard used in quotations and new business processes.
Progress
- Criterion shared their internal project review with the working group and PSG, no additional comments were received.
- Criterion will raise change requests for the changes highlighted during the implementation phase for consideration in the next review, proposed for August 2028.
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 Financial Conduct Authority's (FCA’s) Pure Protection Market Study could impact protection standards, and policy retention will continue to be consider.
Future milestones - December/January
- Assess appetite to progress with this protection policy retention activity.
BAU Change Requests
Ongoing activity in relation to maintenance of current standards via change management process.
Progress
- The second meeting of the Quotes New Business Annuity CRs Working Group took place in November.
- The working group agreed not to update the current New Business Annuities Standard since it is intended it will be superseded by the new Annuity Application Standard. This decision was ratified by the PSG at their November meeting.
- Timings for the implementation of the CRs into new Standard(s) are being aligned with activity on Annuity Application development activity.
Future milestones - December
- Continue with Quotes New Business Annuity CRs project activity should time be available, given the priority is the Annuity Application Standard development.
