Criterion appoints Pat Shea as new non-exec board director

20 March 2019

Edinburgh based company Criterion, the not-for-profit industry body for Standards and Governance services, has appointed Pat Shea 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. Ensuring that the end consumer is front of mind for the industry. 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 STAR, which will drive forward a set of agreements to optimise the consumer experience.

Pat Shea was with Fidelity for over 32 years. During this time, he held a variety of roles in several countries, including Chief Operating Officer for the Asia-Pacific region, Country Head for the Taiwan business, Head of UK / European Customer Services and Country Head for Fidelity’s India operation. In late 2012, Pat became the Head of FundsNetwork. FundsNetwork is a leading investment services platform committed to helping intermediary and institutional clients grow their businesses. He is also Non-Executive Director to Henderson Investment Funds Limited, the Group’s UK Authorised Corporate Director (ACD). Until 2018, he was Non-Executive Director at TISA and was also a steering Committee Member for UK Platform Group.

Iain Duffin, Chairman, Criterion: “Pat is a welcome addition to the Criterion Board. He is well versed in both consumer and intermediary needs and expectations from platform operations covering a wide range of investment propositions, including pensions. He will bring valuable expertise and insight to the Board.”

Pat Shea: “I am thrilled to join the Criterion Board at this exciting time and help Criterion play a vital role in the positive development of our industry. I’ve seen first-hand the impact that inefficiency has on the market and more importantly consumers and want to get involved and drive better outcomes for them. The FCA called for this in their final investment platform study and welcomes the STAR initiative, encouraging firms not already involved to take part to improve the switching process and deliver better consumer outcomes.”

Caroline Mansley, Managing Director, Criterion: “I’m delighted that we continue to uplift capability and expertise on our Board across the industry.  His independent status, backed with his significant and valuable knowledge and experience will help us continue supporting the UK’s long-term savings, investment and protection markets.”                                                          

Educated in the USA, Pat holds a Masters of Business Administration and is married with two children.

For further information please contact: Rob Kingsbury, KGR Media Services Ltd 07900 931 305.

About Criterion

Criterion was formed for the industry in July 2017, as an independent, not-for-profit industry body providing Standards and Governance services. It was originally part of Origo Services Ltd and has been publishing process and integration standards for almost 25 years.

Criterion have 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 by 2020. Criterion is uniquely positioned to facilitate and drive cross-industry engagement, helping organisations achieve higher levels of collaboration, reduce costs and achieve better outcomes for their consumers.

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 2.2 million pension transfers, worth more than £110bn. Criterion has a proven track record and can demonstrate legitimacy and buy-in from across the financial services industry, having delivered leadership to influence continuous improvement across the industry for several decades. Criterion works in collaboration and with the assistance of various industry associations to drive positive behaviour.