30 years of industry Standards
We’ve been delivering Standards and Governance services to the UK’s financial services industry since 1989.
Criterion, operating as an independent not-for-profit organisation, was formed in 2017 as an industry body dedicated to providing Standards and Governance services. However, we have been publishing process and integration Standards for 30 years, launching the first industry Standard, EDI Commission, in 1994.
2024
New office - 14 Albany Street
We have 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 will be the new home for Criterion. The building is close to public transport links, continuing to keep our carbon footprint low due to all of the team using public transport when travelling to the office.
2024
Celebrating 30 years of industry Standards
We’ve been delivering Standards and Governance services to the UK’s financial services industry since 1989, launching the first industry Standard, EDI Commission, in 1994.
30 years of industry Standards
2024
New Group Risk Quotes – Group Life Assurance Standard
This new Standard provides support to the quotation process by detailing messaging flows and the structure of the data that is exchanged in both the quote request and response messages sent to, and received from, group risk providers. The exchange of these request and response messages is defined within an OpenAPI specification, facilitating the seamless flow of data, automation and an efficient end-to-end quotation process.
Group Risk Quotes – Group Life Assurance Standard
2023
New Equity Release Apply Standard
This new Standard details the messaging flows and structure for the Equity Release Apply data exchanged between trading partners (e.g. from a portal’s Equity Release Apply service to the product providers that have linked into that service), and builds on the existing Equity Release Quotes and KFI Standard, which was first published in 2021.
2023
Equity Release Council Tech Forum
We have joined the Equity Release Council Tech Forum, which brings together council members with an interest in exploiting current and emerging technologies to the benefit of the UK equity release market. This includes organisations in the market itself like providers and distributors, as well others like Criterion, for whom technology is a core concern.
Equity Release Council Tech Forum
2023
Good Business Charter accreditation
In November 2023, we were awarded with the Good Business Charter accreditation, highlighting our commitment to responsible business practices.
Good Business Charter accreditation
2023
New Draft MPS Standards published
In August 2023, we launched the industry's first Draft Model Portfolio Service (MPS) Standards.
2022
Three years of fundraising for Waverley Care
To mark World AIDS Day 2022, we presented our corporate charity partner, Waverley Care, with a cheque for an incredible £28,922.85 - the total amount we have raised in the last three years.
Three years of fundraising for Waverley Care
2022
New home for Criterion
In December 2022, we relocated to one of Scotland’s major financial districts in Edinburgh at 9-10 St. Andrew Square.
This is a milestone for Criterion and reflects our continued role in supporting the financial services industry.
2022
STAR launches accreditation scheme
STAR launched its first transfer accreditation marks in November 2022 - the largest piece of industry collaboration for decades.
STAR launches accreditation scheme
2021
Criterion enters Equity Release market
In October 2021, we entered the Equity Release market, taking on the stewardship and governance of API Standards designs for Quotes / KFIs.
Criterion enters the Equity Release market
2021
STAR reaches significant milestones
The STAR initiative has agreed Core Management Information (MI) and is also working towards Full MI reporting. This more detailed MI will provide an indication of how an organisation is performing in the specific processes that it is responsible for in a transfer / re-registration journey.
This is a key milestone for STAR, enabling the initiative to become the single, authoritative source of transfer data on how firms are performing. STAR accreditations of bronze, silver and gold will be awarded so that performance can be evidenced, rewarded and improvements encouraged across the industry.
STAR reaches significant milestones
2020
Criterion reaches full independence
In September 2020, we became fully independent as the industry’s not-for-profit Standards and Governance services body.
Criterion reaches full independence
2019
STAR is born
The introduction of STAR, a joint venture between TeX and Criterion to galvanise the industry to shape recognised, industry-wide standards and promote good practice in transfers.
2018
General Data Protection Regulation (GDPR)
2018
MiFID II
2017
Criterion launched
The Criterion Standards were established over 25 years ago and underpin the exchange of data between organisations in the financial services industry. This makes it easier for product providers, platforms, administrators, portals and advisers to work with each other. Criterion is owned by industry companies.
In response to industry demand, the Origo Board decided in order to eliminate the perception of a conflict of interest between the services provided by Origo and its provision of Standards to the industry, a separate company should be created.
Criterion was created on 12 June 2017 and became custodian of the Standards.
And so we began on our path to independence.
2013
FCA formed
The Financial Conduct Authority (FCA) was established on 1 April 2013, taking over responsibility for the regulation of businesses from the FSA.
2013
Enhancing the Standards Library
Continued development and enhancement of our suite of standards to ensure we meet the evolving needs of the industry:
- Auto Enrolment (2013)
- Legal Framework (ANP & AE 2015)
- Bulk Valuations (2018 CSV & XML)
- Legal Framework (GDPR 2018)
- Bulk Transaction History (2019)
2013
Auto Enrolment standards
2012
Retail Distribution Review (RDR)
2011
Flexible Integration Toolkit released
We launched our Flexible Integration Toolkit (FIT) in 2011. A group of standards, increasing speed to market and reducing development costs.
The FIT Standards suite provide the means to adapt a Standard to suit specific business needs.
2008
Continual development of our Standards
- New Business Tracking (2008)
- Contract Enquiry Wrap Platform Accounts (2010)
- Remuneration Statement (2011 RDR)
- Quotes & New Business (2011 RDR)
- New Business Annuities (2012)
2006
Pensions Simplification (A-Day)
2004
Legal Framework launched
We published our first Legal Framework Standard in 2004.
2001
FSA founded
The Financial Services Authority was formed on 28 October 1997 but it didn't begin regulating the conduct of businesses until the Financial Services and Markets Act 2000 came into force on 1 December 2001.
2000
Developing our Standards Library
We published a variety of standards from 2000:
- Remote Publishing (2000)
- Real Time % Bulk Contract Enquiry (2000 xml)
- Quotes & New Business v3.0 (2001)
- Occupation Codes (2002)
- Extranet Linking (2002)
- Remote Publishing (2002)
- HTTP Message Transmission Guidelines
- Single & Multi Account (2002)
- Commission XML (2002)
- Process Architecture (2003)
1997
Quotes & New Business and Declaration Approach
- 1997 Declaration Approach – first use of alternative to wet signatures
- 1998 New Business and Bulk Data Download first published
- 1999 Quotes – our first XML standard
1994
First standard published
First Standard, Commission EDI launched to market.
1989
Origo established
Origo was established with only 3 employees