17 July 2020

Criterion appoints Aviva’s Chris Payne as new non-exec board director

Edinburgh based Criterion, the not-for-profit industry body for Standards and Governance services, has appointed Chris Payne as non-executive director to the board.

In its key role for the industry, Criterion is focussed on driving forward the development of sustainable standards and governance services that are vital for the movement of data and the automation of processes in the UK’s long-term savings, investment, pensions and protection markets.

Chris Payne is Aviva’s UK Digital CIO and Digital Engineering Director with twenty-three years’ experience in key IT and Change management positions, working across global markets and UK functions in a variety of challenging and market-sensitive projects, transforming operations and organisations.  Aviva is the UK’s largest composite insurer. It provides around 30 million customers with insurance, savings and investments.

Pat Shea, Chairman, Criterion: “Chris is a welcome addition to the Criterion Board and joins us at an interesting time as we separate from Origo, becoming fully independent. I’m delighted that we continue to uplift capability and expertise on our Board from across the industry.  His experience coupled with his significant and valuable knowledge will help us continue supporting the UK’s long-term savings, investment and protection markets. This appointment is further step on securing our independent status. Full independence has always been our intention since launch, and we are established as a strong and increasingly independent position as part of the financial services industry eco-system. Chris brings valuable expertise and insight to the Board.”

Chris Payne commenting said: “I am delighted to join the Criterion Board at this exciting time and help play a vital role in the positive development for our industry. The creation of Criterion to take forward our standards and governance provides a great opportunity for our whole industry to work together to the benefit of our customers. I welcome the chance to work with the rest of the Board to ensure Criterion is well placed to support our industry.

The Criterion Standards cover a range of financial services, from pensions and investments, through savings, protection and occupational pensions to software solutions. They enable efficient messaging so systems can pass data between them quickly and accurately, for example, bulk contract enquiry and transaction history information between platforms and adviser firms’ back-office systems.

More recently Criterion has been working in partnership with TeX on the STAR initiative to deliver a cross-industry framework of good practice for improving consumer experience in moving their money from one financial institution to another. All long-term savings and investments organisations are invited to participate in the FCA backed STAR initiative.

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Notes to editors

Criterion

Criterion was formed for the industry in July 2017, as an independent, not-for-profit industry body providing standards and governance services. As part of Origo Services Ltd, it has been publishing process and integration standards for over 25 years.  Criterion has publicly stated that the organisation is working towards full independence, building upon the formation of an independent Board of Directors, and Executive team, discussions ongoing with shareholders, this is estimated to be achieved in 2020.

Criterion is trusted by around 400 companies to deliver standards underpinning millions of mission-critical transactions every week.  This includes

  • Platform providers with combined assets under administration of over £400bn.
  • 100% of the FTSE 100 Life Insurance sector,
  • 100% of FTSE 250 Life Insurance sector, more than 95 leading pension brands across providers of SIPPs, Platforms and third-party administration services.

In addition, Criterion Common Declarations have supported more than 3.25 million pension transfers, worth more than £160bn.