Standards Governance

Process and Standards Group (PSG)

Providing detailed Governance of the evolution of Criterion Standards.

Progress this Month:

  • The PSG met on 2 February. The Group welcomed for the first time representatives from non-Shareholder Providers. Along with project and change progress review, the Group agreed to cement recent extensions to Bulk Valuations by moving the Provisional Build to Final status, and to move Group Risk Quotes Mid-Term Accounting to v1.0 Final.
  • Input papers and full Minutes are available.
  • The Group also held a Focus Session on the Market Landscape Review, which will create a new baseline for Criterion’s understanding of key dynamics in UK Financial Services.

Future Milestones:

Meetings for 2022:

  • Tuesday, 10 May 2022 - (Focus Session)
  • Wednesday, 11 May 2022 - (Plenary Meeting)
  • Wednesday, 17 August 202 - (Prioritisation Exercise)
  • Tuesday, 1 November 2022 - (Focus Session)
  • Wednesday, 2 November 2022 - (Plenary Meeting)

Standards Technical Architecture Group (STAG)

Providing technical Governance to Criterion Standards.

Progress this Month:

  • No STAG business currently in progress.

Future Milestones:

  • Criterion will continue to liaise with the STAG on the technical direction of Standards, and how the emergence and adoption of new technologies will shape their future.

Standards Activities

Letter of Authority Standards Development

Development Project to develop Standard to support the Letter of Authority fulfilment process for DB, DC Pensions, Annuities, Protection and Investment Products.

Progress this Month:

  • Phase 3 – Protection: Internal QA of the Logical Model and XML schema and MIG Standards development has been progressed.
  • Phase 4 – LoA Request: The BRD was published to the Working Group and a review meeting held.

Future Milestones:

  • March:  LoA Protection Standards will be published to the industry at Draft A.
  • March: LoA Request BRD will be updated and published to Working Group at Draft B. Prior to commencing the Candidate Design work a Solutions Options document will be issued to the Working Group covering options for the Client Authentication processes for LoA Requests and to test / identify all possible solution options.

Occupation Codes List 2020 Update Implementation

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

Progress this Month:

  • Criterion has contacted all of the additional contacts that have been shared with the OCL Working Group.

Future Milestones:

  • March: Set up a meeting for mid-March to assess next steps.

Group Risk Quotes

Standards Development project to develop Standards for Group Risk Quotes (GRQ) and Rate Review or Re-Pricing.

Progress this Month:

  • A meeting was held to discuss the GLA Request Data Items for New Provider and following a review it was signed off. The approach for the development of the first set of GRQ Standards was agreed.

Future Milestones:

  • March: The development of the BRD will continue and approach agreed to continue analysis of GLA data items covering the Rate Review and Repricing business processes which will be documented and issued to the Working Group for validation.

Gender Identity Research

Understand how changing attitudes to gender identity can best be supported in Criterion Standards.

Progress this Month:

  • Drafting research report.

Future Milestones:

March:

  • Publish report to Research Group.
  • Set up meeting with Group to discuss outcomes and next steps.

BAU Change Requests

  • Bulk Valuation enhancements.
  • FCA Reference Number changes.
  • Group Risk Mid-Term Accounting changes.
  • FIT Data Pattern changes.

Progress this Month:

  • No activity this month in relation to FCA Reference CRs, Bulk Valuation enhancements or FIT Data Pattern changes.
  • Group Risk MTA 1.0 published as Final following PSG agreement.

Future Milestones:

March:

  • Publish Bulk Valuations v1.1 Final following PSG agreement.
  • Commence changes to FIT Data Patterns.

Deliverables/Documentation Published in February 2022

General Documentation:

  • DFM Business Case v1.0 – Published on 23 February 2022
  • Regulation Radar February 22 – Published on 23 February 2022
  • Standards Programme Plan March 22 – Published on 23 February 2022
  • GIRG – Problem Definition Report – Published on 21 February 2022
  • CCDWG – Normal Minimum Pension Age Increase – Published on 14 February 2022
  • CCDWG – Stronger Nudge – Published on 14 February 2022
  • LOASDWG - LOA Request – Business Requirements Document - Published on14 February 2022
  • GRQWG – GLA Request Data Items – Published on 7 February 2022

Standards:

Maintain Group Risk MTA Validation v1.0 Final – Published on 24 February 2022