22nd May 2018

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Criterion, the Standards and Governance body for the Financial Services industry, has successfully completed key industry projects to ensure that new General Data Protection Regulation (GDPR) does not interrupt the delivery of normal service to Financial Services consumers.

Standards developed by Criterion will ensure tens of thousands of consumers will continue to receive up to date investment valuations seamlessly via their advisers’ client portals, and find it easier to get right-first-time enhanced annuity quotations. These important client services could have been severely disrupted with the imminent changes in the data protection environment, which come into force on 25th May 2018.

Criterion plays a significant role in understanding the impact of regulatory change across the life and pensions industry. Criterion, through the development of standards has a proven track record in supporting the definition, development, adoption and deployment of new regulation, bringing simplicity through evidenced capability and helping to make it as simple and cost effective to deploy as possible. Notably, the Legal Framework Standard, a set of off-the-shelf contracts that helps trading partners manage the risks and obligations involved in sharing data, and the Retirement Health Form, that helps retirees get enhanced annuity quotations that take account of their individual medical situations.

Nick Green, Criterion’s Head of Standards, commented “Criterion’s GDPR projects started more than a year ago in February 2017. We delivered key updates for industry use starting in January this year. Since then, our focus has been on supporting industry roll-out; and wrapping up this work is just the final step in this long, carefully planned journey.”

Nick added, “In the midst of the race for compliance, our successful multi-stakeholder collaboration shows the value of long-term, professional support for Standards the industry trusts.”

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 for Standards and Governance. It was originally part of Origo Services Ltd and has been publishing standards for almost 25 years. 2018 will see Criterion continue to drive collaboration across the industry with the energies and focus prioritised across a number of industry-wide activities, including pensions dashboard, distributed ledger technologies and improved pensions transfer and re-registrations.