2024 has been another busy year for Criterion. Some highlights include our collaborative MPS whitepaper with NextWealth, the formation of the Fix LoA Action Group (FLAG) with the Pension Lab, and our move to a fresh office space in Edinburgh.
Billy Burnside, Managing Director,
This year marked the 30th anniversary of the first Standard (Commission EDI) going live, and I’m pleased (if not a little surprised!) that it is still going strong. Underlining this 30-year milestone is the fact that the case for Standards has never been stronger, with a number of key initiatives being delivered this year for the benefit of the industry. This year's NextWealth MPS whitepaper highlighted the process frustrations DFMs face, and the critical role that Standards can play to shape a stronger, and more resilient industry. We also raised a massive £7,000 for Waverley Care with our cycle and walk from Aberdeen to Edinburgh. A huge thank you to our customers for their continued support and engagement throughout the year; we look forward to working with you all in 2025.
2024 standards published
Over the past year, we have continued to foster and facilitate collaboration, uniting industry experts to help develop Standards to tackle challenges and inspire innovation. Several Standards were published in 2024:
- Group Risk Quotes – Group Life Assurance;
- Equity Release Apply Standard v1.0; and,
- Final version of MPS MI Reporting.
NextWealth MPS whitepaper
We joined forces with NextWealth to produce a whitepaper: Keeping MPS clients in focus. This paper explored the current complex processes for building, editing, rebalancing, and reporting model portfolio services (MPS) on platforms, and discussed where ownership of the problems and solutions lie.
The whitepaper was a deep dive into the operational stress that manually rebalancing can cause for DFMs, with the process lasting between a couple of hours to 100 hours, and analysts being employed solely for ‘swivelling chair’ purposes, checking between screens, line by line, to make sure the rebalancing request has gone through – a risky and lengthy process.
FLAG formed
We are instrumental in the #LogYourLoAPain campaign, which encouraged advisers, planners, and wealth managers to count letter of authority’s (LoA), to provide a more detailed picture of the current situation. Led by Pension Lab, the initiative received a total of 59 entries, representing 880 financial advisers, with research revealing that approximately 3.9 million LoAs are sent annually across the industry, costing £442 million.
As a result of this campaign a new action group, FLAG, was formed to bring the industry together to help streamline and enhance the efficiency of LoAs. We are one of the founding members of FLAG, bringing our extensive expertise in collaboration and industry Standards.
Edinburgh to Aberdeen challenge for Waverley Care
We undertook the Coast and Castles North challenge, cycling and walking 145-miles from Edinburgh to Aberdeen to raise money for Waverley Care. The challenge consisted of a 19-mile walk on day one, followed by a 62-mile cycle to Carnoustie, and finally, a 64-mile cycle on day three to finish in Aberdeen.
The efforts of the team and the generosity of donors resulted in a total of £3,500 being raised, with Criterion matching this amount pound for pound, bringing the grand total to £7,000.
Siobhan Cameran, Fundraising Assistant, Waverley Care:
We are so proud of team Criterion for their incredible Coast and Castles challenge in support of Waverley Care! Their determination and teamwork were outstanding as always, and we are blown away by how much they have raised. Their efforts will change the lives of people living with, or are at risk of, HIV in Scotland. Thank you, thank you, thank you!
Office move to 14 Albany Street
In September, we moved to 14 Albany Street, located in Edinburgh’s new town and adjacent to one of Scotland’s major financial districts. This Kingsford serviced office is close to public transport links, meaning we can continue to keep our carbon footprint low with most the team using public transport to commute.
Growth in STAR participants
STAR, the industry award scheme designed to combat delays in electronic transfer times, awarded 27 golds, 19 silvers and six bronzes. Whilst not all firms received an accreditation, all STAR participants should be applauded for their commitment to improve their transfer performance.
Andrew Marker, Head of Retail Pensions, Vanguard and STAR Steering Group Chair:
Delighted the initiative continues to grow and pleased we can help firms meet their Consumer Duty objectives. In light of the higher standards mandated by the Consumer Duty, prompt and efficient transfers are absolutely crucial for ensuring positive outcomes for consumers. STAR is a way that firms can show they are part of the solution and not part of the problem. Not only that, but it’s the only way firms can effectively showcase their transfer performance to consumers.
Future standards activity
We are currently working with the industry to produce Platform Account Opening Standards for self-invested personal pensions (SIPP), individual saver accounts (ISA), general investment accounts (GIA), bonds and Junior SIPP.
These Standards will ensure that customer, product and investment information needed to open a platform account, such as proof of address, can be sent from advisers’ practice management solutions to the target platform, driving efficiency and reducing the likelihood of keying errors.
The Platform Account Opening Working Group is collaborating to develop the best solution to help the industry automate these processes. Becoming a member of this working group will give you a voice ‘at the table’ on how these Standards are formed.
If you’re interested in being a part of our working group, please contact [email protected].
