"It is vitally important for the consumer that the industry can rely on a body that is independent, experienced and collaborative in its development of open standards."
Criterion, which originated within existing trade body Origo, will expand upon the existing Standards and Governance work which was established over 25 years ago.
The Standards underpin the exchange of data between organisations in the financial services industry to make it easier for product providers, platforms, administrators, portals and advisers to work with each other.
Iain Duffin, Independent non-executive Chair of Origo, will assume the same role within Criterion until the company is fully established.
Criterion has appointed former AIG executive Caroline Mansley as Managing Director who, together with Iain, will appoint further independent non-executive board directors.
Caroline Mansley said: “The financial services market is going through a period of rapid change and development, including new government led and regulatory initiatives. It is vitally important for the consumer that the industry can rely on a body that is independent, experienced and collaborative in its development of open standards. To enable this, we will work with all providers, platforms, schemes, third-party administrators, industry bodies, regulators and Government to engender trust and enable better collaboration.”
