About
The Pan Pacific Performance Award (3PA) was started in 2009. It was created through a joint venture between the larger financial institutions together with the financial regulators who had responsibility for overseeing the operating practices of companies working within the pan-Pacific region.
Contents
Introduced to address the vital issue surrounding the distinct lack of trust that the financial consumer felt at the time, emanating from, and to a large extent caused by the financial crash in 2008, which resulted in the failure of a number of world recognized financial institutions like banks and insurance companies, and included some of the longest established names within the financial world.
Hosts and Publishers
Through their Asian financial magazine FinanceAsia, Haymarket-Media are responsible for hosting and publishing the 3PA. With so many world recognized institutions, [who once appeared to be the above reproach within the minds of the investing public], going into financial meltdown, something urgent and effective was needed to tackle this problem, and the 3PA was one solution to help address such issues, hopefully leading to an improvement in consumer confidence and ultimately to help restore trust into the market.
Purpose
The aim was to create an atmosphere of ‘self-healing’ within those firms offering financial advice, so that they were able to review all their current operating procedures and bring about any necessary changes that would restore that crucial element of trust that comes with the responsibility of providing financial advice and guidance.
Criteria
The award takes into consideration not only the organisations attitude and day-to-day working practices regarding regulatory compliance, and the trading methods employed, but also covers client satisfaction and retention rates. It was felt that these attributes needed to be seen to be effective from the perspective of each client’s well-being, and is more indicative and informative than any award that is simply concerned with a portfolio’s overall performance.
Any organisation that wins the award would have to demonstrate that they are a financial institution who adheres to these principles and that their advisors all operate in a manner consistent with the values of the award, showing that they were genuinely working with honesty and integrity, and be able to demonstrate the necessary transparency for their clients to see.