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

  • An initial review of the existing Quotes/New Business Standards has started. 

Future milestones - November:

  • A further meeting will be required to continue the review of the existing standards.
  • Review new business changes and provider application forms for inclusion.
  • Develop data requirements for the Post-Quote Annuity Application Data (PQAAD) standard. 

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

  • 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 - November:

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

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.

Document Access

Progress

  • Draft A of the Document Access Standard was published on the website and made available for review to members who are LPI license holders.

Future milestones - November:

  • Assess any feedback received on the Draft A Standard.
  • Confirm implementation plans.
  • Take direction from working group about how quickly they wish to progress development of this standard.

Occupation Codes List Implementation Group

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

Progress

  • Criterion shared their internal project review with the working group.
  • 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 (FCAs) Pure Protection Market Study could impact protection standards, and policy retention will continue to be considered. 

Future Milestones - November/December:

  • 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 first meeting of the Quotes New Business Annuity CRs Working Group has taken place.
  • The need for the current New Business Annuities to be updated given it is likely to be superseded by the new PQAAD Standard is being considered.
  • Timings for the implementation of the CRs into new Standard(s) are being aligned with activity on PQAAD development activity.

Future milestones - November:

  • Continue with Quotes New Business Annuity CRs project activity.
  • Hold further meeting of the QNB Annuity CRs 2025 working group.

Standards and other documents published

  • PQAAD - Quotes/New Business Annuities Comparison document.