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 A Business Requirements issued to working group for review.
- Resource definition and OAS build continues.
- Technically focussed working group meeting held 10 October where a number of design aspects (including push and pull models, resource hierarchy and quote and apply mechanism) were agreed.
- Working group met on 31 October where detailed feedback of the Business Requirements Document was discussed.
Future milestones - November
- Publish Draft B of the Business Requirements Document to the working group.
- Further 1-1 meetings with Working Group members.
- Continue with resource definition and OAS build.
- Regular working group meeting scheduled for end of November.
Occupation Codes List
Implementation Group
Supporting industry adoption of the revised Occupation Codes Standard used in quotations and new business processes.
Progress
The recent RAG status questionnaire highlighted no new issues.
A question regarding one occupation was raised to whether a change should be made. It was agreed that as the change was not required for implementation, it should be carried raised as a change for the next review of the list.
Future milestones - November
- Implementation Group meeting to be held on 27 November.
- Monthly RAG status questionnaire to be issued.
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.
BAU Change Requests
Ongoing activity in relation to maintenance of current Standards via change management process.
Progress
- Work to publish solutions for Change Requests resulting from the abolition of Lifetime Allowance has been paused both in anticipation of potential impact of the autumn budget statement in October.
Future milestones - November
- Assess priority of budget changes against other activities.
Standards published since last update
- None
