Sovereign Employee Benefits

The quality of our service delivery is governed by our Treating Customers Fairly (TCF) programme.

We regard TCF as a cornerstone of compliance culture within Sovereign, recognising its importance both in the eyes of the FSA, and as a key tool in delivering market-leading customer service.

The application of our procedures and controls is overseen by a combination of our highly experienced compliance provider, regular internal audit processes, and by the senior management of Sovereign.

Key controls are:

• Work management - all work is reviewed and date stamped by the administrator and independently logged, on receipt. Priorities are given according to the type of work. Examples of priority items are deaths, retirement payments, cheques, investment switches, etc.
• Each team member prepares and updates a work plan that is reviewed by the operations manager on a regular basis.
• Project plans are prepared for all scheme implementations - these are monitored by the operations manager as part of the work plan exercise.
• Each team member reviews a report of their outstanding work on a daily basis.

"Sovereign Employee Benefits embraces the TCF initiative from the FSA and we promote the principles at all levels within the firm"

Malcolm Lay, Partner SEB