We’ve been delivering Standards and Governance services to the UK’s financial services industry since 1989.
Criterion, operating as an independent not-for-profit organisation, was formed in 2017 as an industry body dedicated to providing Standards and Governance services. However, we have been publishing process and integration Standards for 30 years, launching the first industry Standard, EDI Commission, in 1994.
We have moved to 14 Albany Street, located in Edinburgh’s new town and adjacent to one of Scotland’s major financial districts. This Kingsford serviced office will be the new home for Criterion. The building is close to public transport links, continuing to keep our carbon footprint low due to all of the team using public transport when travelling to the office.
New office - 14 Albany Street
We’ve been delivering Standards and Governance services to the UK’s financial services industry since 1989, launching the first industry Standard, EDI Commission, in 1994.
30 years of industry StandardsThis new Standard provides support to the quotation process by detailing messaging flows and the structure of the data that is exchanged in both the quote request and response messages sent to, and received from, group risk providers. The exchange of these request and response messages is defined within an OpenAPI specification, facilitating the seamless flow of data, automation and an efficient end-to-end quotation process.
Group Risk Quotes – Group Life Assurance StandardThis new Standard details the messaging flows and structure for the Equity Release Apply data exchanged between trading partners (e.g. from a portal’s Equity Release Apply service to the product providers that have linked into that service), and builds on the existing Equity Release Quotes and KFI Standard, which was first published in 2021.
Equity Release Apply StandardWe have joined the Equity Release Council Tech Forum, which brings together council members with an interest in exploiting current and emerging technologies to the benefit of the UK equity release market. This includes organisations in the market itself like providers and distributors, as well others like Criterion, for whom technology is a core concern.
Equity Release Council Tech ForumIn November 2023, we were awarded with the Good Business Charter accreditation, highlighting our commitment to responsible business practices.
Good Business Charter accreditation
In August 2023, we launched the industry's first Draft Model Portfolio Service (MPS) Standards.
Draft MPS StandardsTo mark World AIDS Day 2022, we presented our corporate charity partner, Waverley Care, with a cheque for an incredible £28,922.85 - the total amount we have raised in the last three years.
Three years of fundraising for Waverley CareIn December 2022, we relocated to one of Scotland’s major financial districts in Edinburgh at 9-10 St. Andrew Square.
This is a milestone for Criterion and reflects our continued role in supporting the financial services industry.
Our new homeSTAR launched its first transfer accreditation marks in November 2022 - the largest piece of industry collaboration for decades.
STAR launches accreditation schemeIn October 2021, we entered the Equity Release market, taking on the stewardship and governance of API Standards designs for Quotes / KFIs.
Criterion enters the Equity Release marketThe STAR initiative has agreed Core Management Information (MI) and is also working towards Full MI reporting. This more detailed MI will provide an indication of how an organisation is performing in the specific processes that it is responsible for in a transfer / re-registration journey.
This is a key milestone for STAR, enabling the initiative to become the single, authoritative source of transfer data on how firms are performing. STAR accreditations of bronze, silver and gold will be awarded so that performance can be evidenced, rewarded and improvements encouraged across the industry.
STAR reaches significant milestonesIn September 2020, we became fully independent as the industry’s not-for-profit Standards and Governance services body.
Criterion reaches full independence
The introduction of STAR, a joint venture between TeX and Criterion to galvanise the industry to shape recognised, industry-wide standards and promote good practice in transfers.
Find out more about STAR
The Criterion Standards were established over 25 years ago and underpin the exchange of data between organisations in the financial services industry. This makes it easier for product providers, platforms, administrators, portals and advisers to work with each other. Criterion is owned by industry companies.
In response to industry demand, the Origo Board decided in order to eliminate the perception of a conflict of interest between the services provided by Origo and its provision of Standards to the industry, a separate company should be created.
Criterion was created on 12 June 2017 and became custodian of the Standards.
And so we began on our path to independence.
The Financial Conduct Authority (FCA) was established on 1 April 2013, taking over responsibility for the regulation of businesses from the FSA.
Continued development and enhancement of our suite of standards to ensure we meet the evolving needs of the industry:
We launched our Flexible Integration Toolkit (FIT) in 2011. A group of standards, increasing speed to market and reducing development costs.
The FIT Standards suite provide the means to adapt a Standard to suit specific business needs.
We published our first Legal Framework Standard in 2004.
The Financial Services Authority was formed on 28 October 1997 but it didn't begin regulating the conduct of businesses until the Financial Services and Markets Act 2000 came into force on 1 December 2001.
We published a variety of standards from 2000:
First Standard, Commission EDI launched to market.
Origo was established with only 3 employees