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

  • 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.
  • Further press and social media articles published.
  • Hold 1-1 meetings with working group members as required.
  • Assess industry feedback.
  • Respond to requests for access to Draft B PAO Standard via license agreement.

Future milestones - October

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

Occupation Codes List Implementation Group

Supporting industry adoption of the revised Occupation Codes List Standard used in quotations and new business processes. 

Progress 

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 FCA’s Pure Protection Market Study could impact protection standards, and policy retention will continue to be consider.

Future Milestones - October:

  • Assess appetite to progress with this protection policy retention activity.

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 was published on the website and made available for review to members who are LPI license holders.
  • The fourth working group meeting was held on 11 September; providing an overview of various business and technical documents. 

Future milestones - October:

  • 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.
  • Arrange next working group meeting.

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

  • Progress has been made reviewing the existing Quotes/New Business Standards. 

Future milestones - October:

  • The findings from the review of the existing standards will be issued.
  • A working group meeting will be held to review the findings.
  • Develop data requirements for the Post-Quote Annuity Application Data Standard. 

BAU CHANGE REQUESTS

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

Progress

  • Work continues on analysis activity and preparation for working group mobilisation on Quotes New Business Annuity CRs. Timings are being aligned with activity on Post-quote Annuity Application Data Standard development activity.
  • Continue with Quotes New Business Annuity CRs analysis and mobilise project working group.
  • Hold first meeting of the QNB Annuity Changes 2025 Working Group.

Future milestones - October

  • Continue with Quotes New Business Annuity CRs analysis and mobilise project working group.
  • Hold first meeting of the QNB Annuity Changes 2025 Working Group.

Standards published: