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 - December
- Schedule OpenAPI and JSON version of Protection Standards once demand confirmed;
- Complete technical development of Draft A LoA Request Standards.
Occupation Codes List 2020 Update Implementation
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 - December
- 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.
Candidate Design document completed and signed off by Working Group. Analysis of Rate Review and Repricing processes for GLA completed and Draft D BRD being updated for publication.
Future Milestones - December
- The technical development of GLA New Provider Standards continues;
- Draft D BRD updated to reflect Rate Review and Repricing to be issued to Working Group for review.
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
- The initial meeting of the Research Group took place on 15 November where it was agreed a series of questions be sent to industry organisations seeking their views, and the feedback incorporated into a Problem Definition Report for consideration by the group.
Future Milestones - December
- Criterion draft industry questions will be sent to Research group for review by the end of the year;
- Questions / survey sent to industry during January.
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 Contract Enquiry Standards in line with agreed priority;
- CE CIV and Provide Contract Valuation published and work has commenced on CR Transaction History Standards;
- PSG was asked to verify whether updates were required to 5 Standards to support FCA Reference changes.
Future Milestone - December
- Continue FCA Reference changes to remaining Standards;
- Progress with industry confirmation of the Standards to be updated for FCA Reference changes.
