Financial services data and process standards organisation Criterion has created a new Platform Account Opening (PAO) Standard, aimed at saving advisers time and enhancing client service.

The standard was developed through cross-industry collaboration with platforms, advisers, and technology firms.

Criterion described the transfer of accurate and complete customer, product, and investment information from adviser to platform as one of the industry's most pressing challenges.

It has therefore introduced the new standard with the aim of streamlining how adviser practice management systems communicate with investment platforms.

The PAO Standard covers the opening of accounts such as self-invested personal pensions (SIPP), individual savings accounts (ISA), and general investment accounts (GIA).

The not-for-profit organisation said advisers are currently having to navigate varying platform requirements, deal with inconsistent documentation formats, and spend time on repetitive data entry and retraining.

Its new standard aims to address these challenges by providing a unified framework that looks to ensure information, such as client details, anti-money laundering evidence, and investment choices are transmitted smoothly and safely.

Criterion stated that implementing the standard would provide faster, more accurate account opening processes, reduce platforms’ operational costs, minimise administrative errors, accelerate onboarding timelines, and free up resources.

“The publication of the PAO Standard marks a significant step forward in simplifying and streamlining the account opening process for advisers and platforms,” commented Criterion managing director, Billy Burnside.

“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."

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