Companies wishing to enter the Gold Standard Award scheme must complete a detailed questionnaire. The questionnaire has been constructed using the knowledge of industry experts and designed to correspond to the key areas being measured. Products and services are measured for fair value by looking at the key benefits and costs in relation to peer companies with similar products and services. See below for a description on each of the five key areas measured.

- Financial Strength: This has been defined in terms of the financial ability of the entity under consideration (life company, bank, IFA, fund manager, mortgage lender) to meet what its customers reasonably expect through its ability to survive in an appropriate form. The differences between the provider types under consideration will be taken into account. Providers will be rated amongst their peer sector, rather than as a global population of entrants.

- 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.

- Service: The ability of the company to maintain an effective post-sales relationship with the distributor and/or consumer. Typical areas assessed are forms of communication and distributor/consumer interface structures.

- Fair Value: This 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.

- Trust: The ability of a company to instil confidence in consumers through the customer experience, the media, advertising and marketing. Judges will be looking for a coherent message, which is transmitted 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.

Companies entering for a Gold Standard are judged by a panel of experts. Certain outside agencies are used to assess some areas being assessed such as financial strength and fair value. Entrants are assessed on whether or not they meet the Quality and Standards Benchmark set by the panel. The benchmark is set sufficiently high in order that companies have to achieve higher than standard assessments in all five areas above.

The Gold Standard is valid for a one-year period from the date of the Award. The Quality and Standards Benchmark may be rebalanced periodically. The decision of the judging panel is final. The judges withhold the right not to give awards in categories where the required standard has not been met.

How to Enter
Entries for Gold Standards 2004 is now closed. Details of how companies can enter for 2005 will be posted on the site in December 2004.