Advisers will experience significant time savings and enhanced client service due to the development of Criterion’s new Platform Account Opening (PAO) Standard.
Criterion, the UK financial services data and process standards organisation, recently created a PAO Standard, which was developed through cross-industry collaboration with platforms, advisers and technology firms. As an independent body, that operates as a not for profit, Criterion has a 30-year track record of bringing the industry together to help solve common issues.
In this instance, addressing one of the industry’s most pressing challenges – the transfer of accurate and complete customer, product, and investment information from adviser to platform – the new standard has been introduced to streamline how adviser practice management systems communicate with investment platforms. The standard covers the opening of accounts such as Self-Invested Personal Pensions (SIPPs), Individual Savings Accounts (ISAs) and General Investment Accounts (GIAs).For advisers, the benefits will be transformative. Currently, advisers are tasked with navigating varying platform requirements, dealing with inconsistent documentation formats, and spending valuable time on repetitive data entry and retraining. Juggling these different formats and processes has caused frustration amongst advisers, often leading to delays, errors, and inefficiencies in client onboarding.
The new standard promises to ease these pain points by providing a unified framework that ensures information like client details, anti-money laundering evidence, and investment choices are transmitted seamlessly and securely. This will not only save advisers time but also allow them to focus on strengthening client relationships and concentrate on delivering exceptional service.
For platforms the benefits are also significant. Implementing the standard will provide faster, more accurate account opening processes, leading to enhanced client satisfaction. Platforms also stand to reduce operational costs by minimising the need for manual corrections and follow-ups. Ultimately, by streamlining the flow of essential information, platforms can minimise administrative errors, accelerate onboarding timelines, and free up resources to focus on delivering a superior user experience.
Billy Burnside, Criterion’s Managing Director:
“The publication of the PAO Standard marks a significant step forward in simplifying and streamlining the account opening process for advisers and platforms. This standard is the result of extensive collaboration with industry stakeholders, including advisers, platforms, and technology providers. Together, we identified the key challenges in the account opening journey and developed a consistent, efficient framework to address them. By eliminating inefficiencies, reducing the risk of errors, and saving valuable time, this standard enables advisers to focus on delivering exceptional client service while helping platforms onboard accounts more quickly and reliably. We will make the working group as representative as possible, so continue to both attract new participants and seek feedback from the industry. As with all our standards, we have a responsibility to ensure they evolve over time, through ongoing widespread industry consultation and collaboration.”
Organisations that choose to adopt and implement this standard will not only be positioning themselves as industry leaders but also setting a powerful example of innovation and collaboration. By embracing this framework, platforms can demonstrate their commitment to improving adviser workflows, reducing onboarding complexities, and delivering exceptional value to their clients. Early adopters have a unique opportunity to shape the future of the industry while gaining a competitive edge in a rapidly evolving market.
