Setting The Standard
Gilchrist Standard’s vision statement, ‘Independent, objective and endorsed by market leading stakeholders’, is a clear indication of our approach to setting the standard. To be independent and to maintain objectivity, it was vital that we gained the backing of respected industry bodies and stakeholders. We mapped out the factors that we felt were important and discussed these with stakeholders to finalise the selection.
To ensure that the standard is a reflection of the latest regulatory requirements and industry best practice, we will review the standard annually and re-convene stakeholder discussions as necessary.
Every broker is measured against the same standard, therefore, the rating each firm receives reflects their current status against both the ideal and industry peers. Our aim is to improve standards across the board for the betterment of all parties.
Our approach to setting the standard:
- Gilchrist Standard defines what it believes ‘good’ looks like.
- These factors are put before stakeholders/leading industry bodies, who review the factors that contribute towards the standard.
- Gilchrist Standard issues the factors via the self-assessment process.
- Brokers undergo the rating process.
- Gilchrist Standard monitor anonymised outcomes of the rating process and compile market analysis reports allowing brokers to better understand their performance relevant to peers and to allow the wider market to better understand industry trends.
- Gilchrist Standard will conduct annual reviews of the factors to ensure that they are still fit for purpose, a true reflection of ‘good’ and meet regulatory requirements.
- Any updates to the factors must be reviewed by stakeholders.