Clean accounts

Accounts falling under the scheme must meet a quality standard, which we refer to as being ‘a clean account’. We will operate a point system and score against a number of basic questions. The point system will be applied to the accounts we randomly sample for the full review. A 90% pass mark will be set to ensure that accounts meet our clean standard.

When members continue to meet the 90% standard, the percentage of accounts to be fully reviewed will decrease. The diagram outlines the position if you meet the clean standard we will carry out a full review of:

Clean account

It is necessary to set a quality standard for accounts falling under the scheme to enable an efficient review. Our experience shows that the quality of a high proportion of professional guardian accounts could be better and we often spend a considerable amount of time and effort rectifying and amending accounts.

It is hoped that by establishing new relationship between our account manager and the firm’s scheme owner that the quality will improve and this will improve processing times.

What happens if members do not meet the standard?

If members do not meet the standard we may need to:

  • Contact Nominated Scheme Owner (NSO)
  • Increase the percentage of checks
  • Removal from scheme