Governance update

Process and Standards Group (PSG)

The PSG met on 17 August to review outcomes from 2022’s project prioritisation exercise. The Group agreed a programme of work for Criterion’s Standards over the rest of 2022 and into 2023 to be recommended to the Standards and Governance Executive at its September meeting.

Input papers and full minutes are available 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 - November

  • 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 - November

  • Further meetings to be arranged to track the implementation approach as required.

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 awaiting technical QA. Analysis of Rate Review and Repricing processes underway for GLA and BRD being updated.

Future Milestones - November

  • The Candidate Design for GRQ GLA for New Provider was published to the Working Group for review and following updates is considered complete;
  • The technical development of GLA New Provider Standards is underway;
  • Analysis of Rate Review and Repricing process and data requirements continue;
  • Updated BRD reflecting Rate Review and Repricing to be issued to Working Group for review.

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 Pensions 2.5 PB1and CE Bonds 2.5 PB1 published, and work commenced on CE CIV and Provide Contract Valuation;
  • A number of Standards identified which, although impacted by FCA Ref from 6 to 7 digits, Criterion would like industry confirmation if updated versions are required.

Future Milestone - November

  • Continue FCA Reference changes to remaining Contract Enquiry Standards;
  • Progress with industry confirmation of the Standards to be updated for FCA Reference changes. 

Standards published

Contract Enquiry Pensions v2.5 Provisional Build 1
Contract Enquiry Bonds v2.3 Provisional Build 1