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Standards Updates October 2016

Please see below for the latest updates and progress on our Standards. If you'd like further information on anything identified below please contact Karen.

New Standards Holders in October 2016

Hargreaves Lansdown Advisory Services Ltd

PSG Update

The PSG will meet next on 9th November 2016 at Standard Life's offices in London.  This will be preceded by a Standards Focus Sesion, looking at issues arising from the rise of automated - or 'Robo' - Advice.

Input papers for both sessions can be found at:-

http://standardsandgroups.origo.com/OurGroups/ProcessandStandardsGroup(PSG)/Meetings/PSG_2016_11_09.aspx

Standards Update

Investment Switch and Redirect Notification Development

Update:

The ISRN Draft Final Standards were published to the Origo website.

Plans for November:

Update and publish the BRD at Draft Final, create and publish End Stage Report and issue an invite to form an ISRN Implementation Group.  It is expected that the Consultation Period for feedback on the Draft Final Standards will end on 30th December 2016.

Medical Underwriting

Update:

Origo has confirmed that a licence is required to use the World Health Organisation (WHO) ICD-10 lists and Origo is in dialogue with the WHO to confirm the licence terms.

Plans for November:

Confirm licencing terms with the WHO and review with the Annuity Providers.

Change Management Pilot

Update:

The PSG reviewed outcomes from the Pilot, and recommended its roll-out to all Origo Standards.  The SAC accepted this recommendation; and the revised Publication and Change Policy has now been published to the following location:

https://standardsandgroups.origo.com/nmsruntime/saveasdialog.aspx?lID=2026&sID=2367

Plans for November:

No further activity.

Current Annuity Details Standards Development

Update:

The Current Annuity Details BRD was published to the Working Group and signed off.

The first draft of the Candidate Design was also issued to the Working Group.

All work on the project was stopped following the Government's announcement on 18th October stating that the Secondary Annuity Market was being abandoned.  Origo asked the Working Group is they wanted to continue with any activity pertaining to the Primary Annuity Market, principally to develop a Contract Enquiry for Annuities Standard to support Primary Annuity valuations and some interest was received.  Origo will assess Industry demand and agree next steps at the PSG meeting on 9th November 2016.

An End Stage Report was published to the Working Group.

Plans for November:

No further Secondary Annuity activity.  Some related activity may progress depending on PSG input.

Secondary Annuity Market Quotes New Business Standards Development

Update:

Work progressed on solutions for the SAM Quotes Change Requests.

All work on the project was stopped following the Government's announcement on 18th October stating that the Secondary Annuity Market was being abandoned.  Origo asked the Working Group if they wanted to continue with any activity pertaining to the Primary Annuity Market, principally to enhance the underwriting details used for Primary Annuities and some interest was received.  Origo will assess Industry demand and agree next steps at the PSG meeting on 9th November 2016.

Plans for November:

No further Secondary Annuity activity.  Some related activity may progress depending on PSG input.

ISA Impact Assessment

Update:

Origo completed analysis on the existing Origo Standards and the ISA Impact Research Report started.

Plans for November:

Publish the ISA Impact Assessment Report to the Working Group.  A Working Group teleconference is scheduled for 7th November 2016 to discuss its recommendations.

Auto Enrolment Secondary Market Standards Development

Update:

Origo began the initiation process by creating a Terms of Reference.  The Propose identified during the Summer's Prioritisation Exercise has withdrawn their participation because of changing business priorities; and the Seconder has agreed to step in a Proposer.  A new Seconder is therefore being sought in order to initiate the project and proceed.

Plans for November:

Discuss Industry support at the PSG meeting on 9th November, and if demand exists, identify if a Seconder can be sought.

Documents Issued in October 2016

SAMQNB End Stage Report (following closure of project)

CADSD Business Requirements Document (updated

CADSD End Stage Report (following closure of project)

Individual Savings Account Research Terms of Reference

 

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