Standards projects

Platform Account Opening 

A Standards Development project to develop a Platform Account Opening (PAO) Standard with a focused data content that will reduce the level of inconsistency experienced under the current FIT-based approach.

Progress

  • Draft A PAO Standard including all 19 resource OpenAPI definitions are available on our website.
  • Work on refinement of Draft A PAO Standard including orchestration material continues.
  • Feedback from Working Group emphasised as important during Standards development, and industry participants requested to review draft Standards material and provide comments.
  • Several 1-1 meetings took place with a number of working group organisations.
  • The working group met at the end of February.

Future milestones - March

  • Continue to seek industry comments and feedback on published material.
  • Continue with development of Draft B PAO Standard, including refinement of resources and orchestration material.
  • Further 1-1 meetings with Working Group members as required.

The working group will next meet at the end of March 2025.

Occupation Codes List 

Implementation Group

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

Progress

The January RAG status questionnaire and implementation group meeting updates highlighted that two providers have an amber status. One is still targeting a 31 March implementation whilst the other is still replanning. One portal is also amber targeting a May delivery. 

Future Milestones - March: 

  • Monthly RAG status questionnaire to be issued.
  • Implementation Group meetings to be held on 4 March and 20 March.

Group Risk Quotes and Placement

Develop standards for Group Risk Quotes (GRQ); similar Re-Pricing and Rate Review processes; and Placement.

Project activity is on hold until industry demand emerges.

Protection Policy Retention 

Develop standards supporting communication to advisers and other distributors of events in relation to protection policies that might put at risk continuing cover.

Project activity is on hold until adviser demand is fully understood and a clear steer on technical delivery is available. We have written to the working group members to gauge demand for the continuation of this development.

There is an ongoing conversation with the Protection Distributors Group about potential appetite.

Future Milestones - March:

  • Progress discussions with the Protection Distributors’ Group.

BAU Change Requests

Ongoing activity in relation to maintenance of current standards via change management process.

Progress

  • PSG reviewed material relating to Quotes New Business Annuities standard (including marital status and emumerated lists) and agreed to feedback any appetite for a project to be initiated to progress with the various CRs relating to the QNB Annuities Standard.

Future milestones - February: 

  • Criterion to assess PSG demand for project to progress with CR activity on Quotes New Business Annuities and if so, create Terms of Reference for this activity and share with Proposer and Seconder.
  • Continue with documentation of solution for Lifetime Allowance abolishment changes on impacted Standards.

Standards published:

  • LoA Data Checklist for DC Pensions v1.0 Draft A
  • Common Annuity Declaration v2.12 Final
  • Adviser Charge resource v1.0 Draft A
  • Asset resource v1.0 Draft A
  • Investment Instruction resource v1.0 Draft A
  • Model Portfolio resource v1.0 Draft A
  • Money In Regular resource v1.0 Draft A
  • Money In Single resource v1.0 Draft A
  • Money In Transfer resource v1.0 Draft A