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

  • Detailed use case document shared with working group for feedback.
  • Further 1-1 discussions took place with working group membership.
  • Business Requirements Document production nearing completion.
  • Progress made on account lifecycle analysis and key resource definition.
  • Working group met on 26 September where a detailed walkthrough of the use case scenarios for Platform Account Opening took place – information which will be included in the Business Requirements Document.

Future milestones - October:

  • Publish Draft A of the Business Requirements Document to working group.
  • Hold technically focussed meeting with working group and their technical representatives to share solution approach, including push and pull models, resource hierarchy and quote and apply mechanism.
  • Further 1-1 meetings with Working Group members.
  • Continue with resource definition.
  • Regular working group meeting scheduled for end of October.

Underwritten Protection Quotes

A Standards Development project to create a standard set of information to hold an underwriting decision in order that a premium can be generated in an underwritten quote.

Project activity is on hold until adviser demand is fully understood.

Occupation Codes List

Update 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. 

Previously agreed changes to the list and document listing the changes that have been made to Version 3.1 of the lists completed and issued to the working group. 

Future milestones - October:

  • Implementation Group meeting to be held 2 October.
  • 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.

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 - October:

Autumn budget statement on 30 October may require Standards impact assessment of any potential changes arising from the announcement.

Standards published since last update:

Documents published since last update:

  • Fillable Retirement Health Form – draft.