Governance update
Process and Standards Group (PSG)
The PSG met in two sessions on 2 November. The first was a Focus Session that discussed Wealth (Platform) processes for input into the Market Landscape Review exercise. The second was a Plenary Session, where the Group discussed the progress of key Standards development projects and the wider programme of Standards activity, as well as talking about delivery of FCA FRN format changes.
All inputs and minutes can be found on our website for those who have access.
Standards Technical Architecture Group (STAG)
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 projects
LoA Standards development
Development project to develop Standard to support the Letter of Authority fulfilment process for DB, DC pensions, annuities, protection and investment products.
Phase 3 - Protection
Awaiting confirmation from Working Group if demand exists for OpenAPI and JSON versions of LoA Protection Standards.
Phase 4 - LoA Request
Progress has been made with the schema development and QA in the technical development stage of LoA Request Standards.
Future Milestones - Q1 2023
- Schedule OpenAPI and JSON version of Protection Standards once demand confirmed;
- Complete technical development of Draft A LoA Request Standards.
Occupation Codes List Update
Update Implementation Group
Supporting industry adoption of the revised occupation codes standard used in quotations and new business processes.
Criterion shared details of the proposed implementation window and arranged a further meeting to track the approach.
Providers agreed to support version 2.0 and 3.0 of the Occupations list between Q2 and Q4 2023 and to implement from Q1 2024 onwards.
Future Milestones - Q1 2023
- Further meetings to be arranged as required to track the implementation approach and to monitor Provider progress.
Group Risk Quotes and Placement
Standards Development project to develop Standards for Group Risk Quotes (GRQ); similar Re-Pricing and Rate Review processes; and Placement.
BRD Draft D, covering all three pricing processes, was published to the Working Group for review, for which a meeting has been scheduled for early January. Criterion will also confirm with the Working Group whether Standards to support New Provider processes should be brought forward first, or whether all three processes should be covered in the same initial development.
Future Milestones - January
- Review BRD Draft D with Working Group.
- Update Candidate Design where needed in light of review outcomes
Enhanced CIC Research
Research activity to investigate potential to support Enhanced Critical Illness Cover (CIC) / Children’s Critical Illness Cover within the Protection Quotes and New Business Standards.
Progress
- A set of draft survey questions were sent to the Research Group for review and comment.
Future Milestones
- Sent survey to industry during January;
- Collate responses and use as input to Problem Definition Report.
BAU Change Requests
Ongoing activity in relation to maintenance of current Standards via change management process.
Progress
- Further progress on applying FCA Reference CRs to Standards in line with agreed priority;
- 4 amended Standards published and work has commenced on the remainder;
- PSG confirmed which of the 5 Standards under review require to be updated.
Future Milestone - January
- Continue FCA Reference changes to remaining Standards.
