Standards projects
Platform Account Opening
A Standards Development project to develop an Account Opening Standard with a focused data content that will reduce the level of inconsistency experienced under the current FIT-based approach.
Progress
- Draft B Business Requirements issued to the working group.
- Resource definition and OAS build continues with a view to publishing these on the Criterion website.
- Working group met on 28 November where there was a brief review of the Business Requirements Document and a detailed overview of the resources to be used for Platform Account Opening.
Future milestones - December
- Further 1-1 meetings with Working Group members.
- Publish initial set of resource definitions.
The working group will next meet in in January 2025.
Occupation Codes List
Implementation Group
Supporting industry adoption of the revised occupation codes standard used in quotations and new business processes.
Progress
The November RAG status questionnaire and implementation group meeting confirmed that two Providers have now implemented the changes and in general the responses regarding implementations were more positive or static since the previous update.
Future milestones - December/January
- Monthly RAG status questionnaire to be issued.
- Implementation Group meeting to be held on 28 January.
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 temporary 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. Criterion has written to the Working Group members to gauge demand for the continuation of this development. In the meantime, and as discussed with the PSG, Criterion will look to engage with the Protection Distributors’ Group about potential appetite.
BAU Change Requests
Ongoing activity in relation to maintenance of current Standards via change management process.
Progress
- With the autumn Budget confirming that the Lifetime Allowance will remain abolished, Criterion will continue with publication of related change request solutions as resource becomes free from other priority tasks.
Future milestones - December
- Assess priority of budget changes against other activities.
Standards published since last update
- None
