The Gold Standard Awards 2019 | Incisive Media | 21 November 2019 | The Diamond Jubilee Tea Salon at Fortnum & Mason, 4th Floor, Fortnum & Mason, 181 Piccadilly, St. James's, London W1A 1ER, UK

Building and restoring trust through best practice is key to success for financial services firms. With demands for transparency and better customer outcomes now the norm, the financial services sector is required to demonstrate its capability and to raise its game through higher standards. Higher standards are a major factor in building trust in financial services and one which the Gold Standard Awards fully supports.

Financial services firms that have a well-established corporate culture, alongside transparent structures and procedures are in the best position to demonstrate they are achieving higher standards to help build a better, more sustainable financial services sector in the UK.

The Gold Standard Awards have been supporting higher standards in financial services in the UK for the past 17 years. During this period, economic, political and regulatory changes have witnessed a drive towards greater accountability and a call for firms to go beyond standard practice to fulfil customer needs.

The awards not only take account of a company's capability to conduct business, but assess standards of service, financial strength, fair value and trust, as well as governance and social responsibility which reflect the current financial landscape.

The Gold Standard Awards are open to UK-based financial services groups or specialist financial companies offering their own products and services. The categories are retail fund management, Institutional fund management, wealth management, discretionary fund management, portfolio management, Independent financial advice, retirement income and protection.

The awards do not operate on a winner and highly commended basis. All those who pass the appropriate measurements and judging can achieve a Gold Standard.

Companies wishing to enter the Gold Standard Award scheme must complete a detailed questionnaire, which has been constructed using the knowledge of industry experts and take a ‘five pillar' approach to assessment.

The five pillars of measurement are:
1. Financial Strength: Assess the financial ability of the entrant organisation to meet reasonable customer expectation through its ability to deliver on their promises in case of business volatility.. The differences between the provider types under consideration will be taken into account. Providers will be rated among their peer sector, rather than as a global population of entrants.

2. Capability: This area looks at the overall expertise of the company to conduct the business category entered. Typical elements taken into consideration include business structure, staff expertise and training.

3. Service: Assesses the ability of the company to maintain an effective pre and post-sales relationship with the distributor and/or consumer. Typical areas assessed are forms of communication, quality and levels of service on offer.

4. Fair Value: Assesses whether the customer is getting value for money by comparing charges and benefits against a typical range of products for the category entered. Companies offering specialist products only will be assessed against similar groups.

5. Trust: The ability of a company to promote confidence through the customer experience, the media, advertising and marketing. Judges will be looking for a coherent message, which are communicated not only to customers but within the company itself. Attention will also be paid to the ethical use of product literature and performance as well as the adoption of corporate governance standards and social responsibility.

2019 Partners

CARBON OFFSET PARTNER:
• Ecosphere

SUSTAINABILITY PARTNER:
• Business Green