ARC Wealth Indices FAQ

ARC Research Limited, now a part of S&P Dow Jones Indices, is a research firm focused on the investment management industry. 

Our core expertise lies in translating investment performance and fee data into actionable intelligence for all investors. 

Alongside this intelligence, we review investment firms’ processes and reported data to provide research insights on how investment services are delivered. 

The ARC Wealth Indices are a set of investment performance benchmarks designed to help all investors assess the performance of multi-asset investment solutions. 

The ARC Wealth Indices family includes: 

1.  Private Client Indices (PCI) – A series of risk-based benchmarks for high-net-worth private client portfolios, available in sterling, U.S. dollar, euro, Canadian dollar and Swiss franc. 

2.  ARC Charity Indices (ACI) – Designed to help U.K. charitable organizations measure their investment performance. 

3.  ARC Inheritance Tax Portfolio Index (AIP) – A benchmark for Alternative Investment Market-based Inheritance Tax (IHT) portfolios. 

4.  Managed Platform Solutions Indices (MPS) – A series of benchmarks tracking the performance of discretionary model portfolio services. 

The ARC Wealth Indices provide a reference point for understanding historical performance of multi-asset investment strategies and should be used together with a user’s own analysis and, where appropriate, professional advice. 

Yes, a license is required for commercial use of the ARC Wealth Indices. 

Access to ARC Wealth Indices data does not, by itself, grant a right to use, reproduce, distribute, incorporate or commercialize that data. Permitted use depends on the user’s subscription level, permissions, license agreement, delivery method and the applicable terms and conditions. 

Common Use Cases 

The following examples summarize when a license or express written permission is required: 

• Viewing through authorized channels – Public-facing or permissioned data may be viewed through Suggestus or other authorized channels, subject to the applicable access permissions and terms. Viewing does not permit copying, redistribution, incorporation into another product or commercial use. 
• Marketing or promotional materials – Any external communication referencing the ARC Wealth Indices, including client presentations, fund or strategy factsheets and promotional materials, requires a valid license covering that use. 
• Client reporting, models and tools – Use of ARC Wealth Indices in formal investment reporting, proprietary models, investment dashboards, analytics tools or third-party platforms requires a valid license covering the relevant delivery method, audience and purpose. 
• Redistribution and data vendor use – Data vendors, software suppliers, platforms and other redistributors require express redistribution rights. Ordinary website access or a standard end-user license does not permit resale, sublicensing, onward distribution or making the data available to third parties. 
• API access and bespoke data delivery – API access and bespoke data delivery are available only on separately agreed commercial terms and only for the agreed fields, frequency, recipients and purpose. 
• Free or no-cost access – Some ARC Wealth Indices data and tools may be available without charge for viewing or limited informational purposes. Free access does not permit commercial use, redistribution, incorporation into tools or websites, client reporting or marketing use unless the applicable terms or a written license expressly allow it. 

How to Obtain a License 

If you require a license or are unsure whether your proposed use is permitted, contact us for details on pricing, scope and terms. Licensing helps ensure appropriate use of the benchmarks and protects the contribution of investment managers who provide the underlying data. 

For more information, please contact index_services@spglobal.com. 

Uses Not Permitted Without Express Written Permission 

Unless expressly permitted under a written license or other applicable terms, a user may not: 

• Alter, modify, merge, copy, distribute, transfer, adapt or create derived versions of the ARC Wealth Indices. 
• Permit the ARC Wealth Indices to be combined with, incorporated in or used as an input into any third-party software, database, model, product or service. 
• Display, embed or incorporate the ARC Wealth Indices into any website, portal or other digital service. 
• Sell, redistribute, supply, dispose of, transfer, sublicense or otherwise make the ARC Wealth Indices available to any third party. 
• Use the ARC Wealth Indices, in whole or in part, on behalf of or for the benefit of any third party, including by providing bureau, managed service or similar services. 

Access to ARC Research's data depends on your role and purpose. 

Through Suggestus 

• Requires a log in at www.suggestus.com. Accounts are free to create. 
• Data available depends on your subscription level or permissions. 
• Public-facing or permissioned data can be viewed subject to the applicable terms, but cannot be used for commercial purposes, redistributed or incorporated into tools, websites or client reports without a license that expressly permits that use. 

Via a commercial license 

• You will need a license for commercial use (e.g. reporting, investment analysis, marketing or promotional purposes). 

Through a licensed provider 

• If your firm is a client of ARC Research, your contact or relationship manager can provide relevant data and insights. 

Custom API access 

• We offer bespoke data delivery services for data integration, subject to commercial terms. 

Disclaimer 

Commercial use of the ARC Wealth Indices requires a license. 

The usage of our indices is detailed in clause 5 of our Terms and Conditions (https://www.suggestus.com/terms-and-conditions). 

Unauthorized use of the ARC Wealth Indices may result in fees, charges, suspension or termination of access, and other remedies available under the applicable terms and conditions or law. If there is any doubt over whether a proposed use is permitted, please contact us before using the Indices. 

Important Information 

The ARC Wealth Indices are based on historical information. Past performance is not indicative of future performance. The ARC Wealth Indices are computed using a complex calculation, and results are provided for informational purposes only. They are not investment advice, tax advice, legal advice, a suitability assessment, a recommendation or an endorsement of any investment manager, model portfolio, fund, strategy or service. 

ARC Research does not guarantee the performance of any investment or portfolio, the return of an investor’s capital, the availability of any tax treatment or any specific rate of return. Users should complete their own analysis and seek appropriate professional advice before making investment decisions or entering into an agreement with any Data Contributor. 

Where users provide portfolio, client profile, account identifier, manager or other information through Suggestus or related tools, that information is handled in accordance with the applicable privacy notice, platform terms and data retention policies. 

Contributor fees, memberships, licenses and access to market intelligence do not determine index inclusion, classification, weighting, ratings, methodology or published outputs, except as set out in the applicable methodology, eligibility criteria and terms. 

The content is the property of ARC Research or its licensors and is protected by copyright and other intellectual property laws. Use of the information herein is governed by strict Conditions of Use as detailed on www.suggestus.com. 

The ARC Wealth Indices provide independent, risk-based performance benchmarks designed to support wealth managers, charities, trustees and investment professionals in assessing the effectiveness of investment portfolios. 

If your firm is interested in participating, contact index_services@spglobal.com for further details on data submission requirements and the onboarding process. 

ARC Private Client Indices 

The ARC Private Client Indices serve as a benchmark for discretionary investment portfolios managed on behalf of private individuals, family offices and trusts. 

How to Contribute 

• Your firm must manage discretionary private client portfolios. 

• Submit anonymized client portfolio performance data quarterly. 

Membership is structured into different levels based on the depth of data access and analytical tools available to members. All contributing managers commit to an initial three-year term. 

There are discounts available for managers with less than a three-year track record. 

Membership Tiers 

Large Firm Contributor Membership  

For discretionary investment managers managing over GBP 2 billion in private client discretionary assets and more than 100 portfolios above GBP 250,000. 

These contributors' portfolio data submissions serve as the foundation of the ARC Private Client Indices. 

Medium Firm Contributor Membership  

For discretionary investment managers managing over GBP 500 million in private client discretionary assets and more than 75 portfolios above GBP 250,000. 

These contributors' portfolio data submissions serve as the foundation of the ARC Private Client Indices. 

Small Firm Membership  

For discretionary investment managers managing over GBP 250 million in private client discretionary assets and more than 100 portfolios above GBP 250,000. 

Pooled, Unitized Fund or Model Membership  

For investment managers who manage multi-asset private client solutions but do not meet the criteria to become Small, Medium or Large Firm Members. 

Key Benefits 

• Peer Benchmarking – Contributors can compare their performance against an independent peer-group benchmark used by trustees, advisors and clients. 

• Client Communication – Contributors can present performance relative to an industry benchmark, subject to applicable licensing, disclosure and regulatory requirements. 

• Market Insight – Access to anonymized, aggregate industry data can provide context on market trends and peer positioning. 

ARC Charity Indices 

Designed specifically for the unique requirements of U.K. charities, the ARC Charity Indices provide an independent reference point for charity portfolios. 

How to Contribute 

• Your firm must manage discretionary portfolios on behalf of registered charities. 

• Submit anonymized performance and portfolio values quarterly to ensure consistent benchmarking. 

• There is no cost to existing contributors for contributing to the ACI, but a license is required for commercial use. 

Key Benefits 

• Sector-Specific Benchmarking – Enables charities and investment managers to review investment performance in the context of charities with similar investment objectives. 

• Transparency and Accountability – Provides benchmark information that trustees may use as one input when reviewing whether investment strategies remain aligned with objectives. 

• Stakeholder Context – Provides information that can support stakeholder reporting, subject to applicable licensing and disclosure requirements. 

ARC Inheritance Tax Portfolio (AIP) Index 

The ARC Inheritance Tax Portfolio Index provides a performance benchmark for portfolios structured to seek exposure to investments expected to qualify for Business Relief. 

How to Contribute 

• Your firm must offer discretionary IHT portfolios that meet Business Relief criteria. 
• Provide anonymized performance data on client portfolio performance. 

Key Benefits 

• Performance Measurement – Allows managers and advisors to compare IHT portfolio returns with a relevant sector benchmark. 
• Regulatory and Due Diligence Context – Provides additional performance context for professional advisors and investors evaluating IHT solutions. 
• Evidence-Based Reporting – Provides benchmark information that contributors may use in reporting, subject to applicable licensing and disclosure requirements. 

ARC Managed Platform Solutions (MPS) Indices 

The ARC MPS Indices serve as a performance benchmark for model portfolios offered via investment platforms. 

How to Contribute 

• Your firm must manage risk-profiled model portfolios or unitized solutions available on investment platforms. 
• Submit performance and asset allocation data for all model and unitized solutions. 

Key Benefits 

• Benchmarking – Provides information on how an MPS offering has performed relative to industry peers. 
• Advisor Context – Provides advisors with an independent reference point for further due diligence on platform-based investment solutions. 
• Data-Driven Insights – Contributing firms gain access to anonymized peer-group performance insights for internal analysis and reporting, subject to applicable terms. 

The contributor list can be seen on www.suggestus.com within the ARC Wealth Indices section (free login required).

The ARC PCI provide insight into the actual returns being generated by investment managers for their discretionary private client portfolios, based on real performance numbers (net of fees) provided by participating investment managers.

The ARC PCI are a set of risk-based performance benchmarks designed to provide transparency on the performance of discretionary investment managers catering to private clients. The indices measure the actual net-of-fees returns achieved by participating investment managers across different risk profiles, offering an independent and objective reference point for assessing portfolio performance.

The ARC PCI were launched in 2007 with a start date of December 2003.

• Key features of the ARC Private Client Indices:
• Risk-based approach: The ARC PCI consist of four indices, each aligned to a different risk tolerance level, ranging from Cautious (lower risk) to Equity Risk (higher risk).
• Net-of-fees performance: The indices are constructed using actual client outcomes, reflecting the real-world experience of private investors.
• Multi-manager dataset: The Indices aggregate data from a range of discretionary investment managers, supporting a diversified peer-group benchmark.
• Independently calculated: We independently compile and publish the Indices under a methodology designed to support governance, accountability and transparency, including principles reflected in the IOSCO Principles for Financial Benchmarks.
• Frequency: The indices are published quarterly with daily and monthly estimates, providing investors, advisors and investment managers with ongoing performance insights.

The International Organization of Securities Commissions (IOSCO) (https://www.iosco.org) Principles for Financial Benchmarks are a set of standards for financial benchmark design and use. The principles were published in July 2013.

The principles aim to improve the reliability of financial benchmarks and cover governance, accountability and the quality and transparency of benchmarks.

Investors, private clients, fiduciaries and professional advisors may use the Indices as one source of historical peer-group context when reviewing investment performance relative to risk profile. 

Investment Managers use the ARC PCI as a benchmark under license to compare their discretionary portfolios against peer group performance. 

The PCI estimates are statistical approximations of private client performance, calculated to provide interim insight when actual data is not yet available. 

The published PCI Series reflects real-world private client performance. The estimates are derived using statistical methods to provide a "best guess" of performance but are not based on actual client data. 

Estimates are generated through statistical modeling, which seeks to create a model portfolio whose historical returns closely match actual PCI results. The model portfolio’s estimated returns form the basis of the estimates. This model is updated quarterly following the publication of the PCI Series. 

Each month-end, the results of the daily estimates model are compared to a range of other indicators and considered in light of the market environment. We may revise the final month-end estimate where it judges that the model results do not fully reflect the expected outcome for the relevant peer group. The daily estimate series will be refitted to the published month-end estimate. 

The model portfolio consists of up to 16 exchange-traded funds (ETFs) designed to represent the broad asset class exposures typical of private client portfolios. However, as these models are not intended for actual investment, we do not disclose the individual constituents. 

We do not collect asset allocation data from managers. Instead, the estimation process determines an index’s exposure to market risk and return factors based on the underlying constituents. 

Historical asset allocation calculations are exclusive to PCI contributors. However, the current inferred asset allocation is available on the PCI page. 

The “Other” category includes allocations to property, commodities, gold and hedge funds. The specific allocation details are proprietary and disclosed only to PCI member investment managers. 

No. Since estimates represent our "best guess," they are replaced by actual published figures as soon as these become available. 

Estimates provide insight into approximated average performance among discretionary managers rather than precise predictions. Accuracy is influenced by factors such as the underlying volatility of constituents and individual investment decisions made by managers. We continually refine the methodology to improve estimate accuracy. 

If there has been a large market movement on the last day of the month, we may need to take account of this because not all firms will capture the move in their month-end figures. For example, a manager that invests mainly through funds might take their fund prices at midday, thus missing any swings that happen in the afternoon. We have a different algorithm that smooths the price over the last two days of the month that we can implement in these situations. We may also apply a qualitative overlay to the results in accordance with our methodology and review procedures. 

The ARC PCI are calculated using actual net-of-fee performance data from participating investment managers, classified into risk categories based on historical relative risk to world equities. 

The ARC PCI are a set of risk-based benchmarks designed to help private clients and their advisors assess the performance of discretionary portfolios with a non-specialist mandate. 

The indices are constructed using actual returns reported by participating investment managers (Data Contributors) and provide insight into real-world portfolio performance. 

Classification Schema 

Individual portfolios are classified by their relative risk to world equities. Risk is defined as 36-month volatility or excess standard deviation. 

Portfolios are classified using relative risk rather than asset allocation to allow investment managers the freedom to implement any asset allocation strategy while still being measured against an appropriate peer group with similar risk characteristics. 

* The Indices reference a widely used market capitalization-weighted global equity index that represents the performance of approximately 1,500 large- and mid-cap stocks across 23 developed markets. 

Investment managers often adopt varied naming conventions for their investment strategies, leading to significant discrepancies in risk profiles within the PCI peer group. When we analyze the data from contributing managers, it becomes evident that the definitions of “Cautious,” “Balanced” and “Growth” can differ markedly. In fact, the risk levels associated with these models can sometimes vary by more than an entire PCI risk category between different managers. 

Currency Variations 

Each of the Indices is calculated separately for five major currencies: sterling (GBP), U.S. dollar (USD), euro (EUR), Swiss franc (CHF) and Canadian dollar (CAD). 

Inclusion is determined by the reported base currency of the individual portfolio. A sterling-denominated portfolio cannot contribute to a Swiss franc index. 

Index Calculation 

The PCI are published four times a year with monthly resolution and available on www.suggestus.com and from third-party data providers. 

Data Collection 

Participating investment managers submit actual, monthly, net-of-fees performance data quarterly for all materially unconstrained private client discretionary managed portfolios. This data must be submitted within three weeks after the calendar quarter-end. 

No model portfolios or synthetic figures can be included in individual portfolio submissions; where permitted by the methodology, actual composite, fund or third-party composite performance data may be used as described below. 

Portfolio Risk Classification 

Each contributed data series is assigned to one of the four PCI risk categories based on its historical relative risk to world equities. This classification ensures comparability between portfolios with similar risk exposures. 

Risk Profile Aggregation 

The performance data is aggregated using a geometric average, with weightings applied to reduce the influence of larger managers. This is designed to support representative peer-group outcomes within each risk category. 

Index Publication 

Final PCI performance figures are published after quarterly data has been submitted, organized, processed, validated and analyzed, generally at the start of the second month after the calendar quarter-end. Once published, the index history remains unchanged, except where a material error is identified. 

PCI Classification Stability 

It is recognized that active asset allocation can cause the relative risk of a portfolio data series to change over time. 

In order to bring an element of stability to each of the PCI peer groups, once a data series has been allocated a PCI category, a 10 percentage point deviation in relative risk is tolerated. 

Relative Risk Calculation 

Relative risk is calculated by establishing the annualized three-year standard deviation (volatility) of excess returns over cash (one-month deposit) for each portfolio and dividing that by the same figure for world equities (i.e., world equities has a relative risk of 1) and that figure may be stated as a percentage (e.g., relative risk of 0.5 is 50% of equity risk). 

Excess returns are the returns of a portfolio above (or below) the reference base currency cash rate. This effectively strips out the “risk-free” return from doing nothing—i.e. just holding cash—and allows for comparison of the final indices across currencies. 

Only actual net-of-fees performance data goes into the PCI; no model or synthetic figures are accepted for inclusion. Actual performance data may include individual portfolio data and, where permitted by the methodology, actual composite, fund or third-party composite performance data. 

All Data Contributors have undertaken to ensure that data supplied by them for PCI accurately reflects the investment performance of their discretionary private clients. 

Data Hierarchy 

We apply a hierarchy of data inputs into the PCI index calculation. 

Individual Portfolios 

We require all Data Contributors who offer individual client portfolios to provide monthly net-of-fees performance of individual portfolios. 

Additionally, we may at our discretion include composite data where it is satisfied that the Data Contributor is unable to provide individual portfolio data and that the quality of the indices is enhanced by its inclusion. 

Audited Composite 

Those investment managers who have audited composite data (such as those applying the GIPS reporting standard) may supply the audited performance data for each of their performance categories. 

Fund Performance Data 

Investment managers that offer a unitized version of their discretionary private client investment solutions may choose to supply performance data for these funds as a proxy for that being delivered by their discretionary private client business as a whole. 

Fee Treatment 

The PCI reflect real private client returns, meaning they are net of key fees, including: 

• Investment management fees 
• Custody/platform fees 
• Underlying fund costs 
• FX and execution fees 

However, IFA fees are excluded unless mandatory for accessing the investment service. Some managers cannot exclude IFA fees, so either: 

• They accept a reduction in performance figures, or 
• We apply a standardized fee deflator. 

This approach is intended to support consistency across different business models. 

Data Validation 

For those participating investment managers providing actual portfolio performance information (the preferred type of submission) the following guidelines are used: 

• Discretionary mandates only 
• Portfolios should be larger than GBP 250,000 (or currency equivalent) 
• Performance numbers are to be given net of all fees and charges 
• Monthly performance numbers should be provided wherever possible 
• Heavily constrained portfolios may be excluded 
• Data Contributors should provide at least 20 portfolios per PCI risk category 

Consistency of portfolio submission by each Data Contributor is carefully monitored to minimize the potential impact of survivorship bias. 

Data Integrity 

Maintaining data integrity is important for the PCI to be recognized as reliable performance benchmarks. We therefore use data verification and validation checks designed to support compliance with our standards. 

Every quarter, we require Data Contributors to confirm the accuracy of their data submissions, followed by a series of thorough validation checks to ensure compliance with our standards. 

We reserve the right to exclude any data that we have reason to believe does not meet the required standard. 

Monthly net-of-fees performance data is collected from participating investment managers on a quarterly basis. Managers are asked to provide actual performance numbers for all their materially unconstrained discretionary private client portfolios. 

Only actual performance data goes into the PCI; no model or synthetic figures are accepted for inclusion. Actual performance data may include individual portfolio data and, where permitted by the methodology, actual composite, fund or third-party composite performance data. 

Data Sufficiency 

We carefully monitor the breadth and depth of data submissions to ensure that the PCI remain representative of the range of outcomes available to private clients for a given risk category and currency. 

Where the number of data contributors in a particular index is judged to be insufficient to be considered representative, we may at our discretion identify and include performance data for third-party composites (Composite Contributors). Only actual performance (net of fees) of funds or audited composites will be included. 

No, Data Contributors are not permitted to selectively submit only their best-performing portfolios. 

Legal Reasons 

All PCI managers are committed, as outlined in the PCI agreement, to make every effort to ensure that the data they provide accurately represents the investment performance of their typical discretionary private clients. 

They are also obliged to refrain from manipulating their submissions in any way that could misrepresent their performance averages, whether by inflating or deflating the figures. 

Any intentional violation of these commitments could result in contractual, regulatory or reputational consequences. 

Data Quality Control 

We have a dedicated team of skilled analysts and developers focused on data processing and report generation. Each quarter, we meticulously review all manager data to identify any portfolios that may have "disappeared" and we investigate any unusual results in collaboration with the respective manager. As stipulated in the PCI agreement, we reserve the right to exclude data from the PCI calculation if we do not receive adequate information regarding a specific submission. Additionally, we request that contributors confirm quarterly that their figures are net of fees, meet the required minimum thresholds and provide insight into the percentage of assets under management (AUM) represented in their submissions. 

When a new manager joins the PCI, we conduct a thorough verification of their data against third-party sources, including monitored portfolios, funds, models and published composites. We often overlay model data in scatter plots to reveal any potential data manipulation. In instances where a manager cannot provide complete data—perhaps due to system constraints or the impracticality of handling a large number of accounts (e.g., exceeding 10,000)—we take appropriate measures to ensure that we have confidence in the nature of the firm's submission and perform checks to verify that the dataset accurately reflects their performance. 

Outputs 

We do not publish a ranking of managers and there is minimal incentive for any manager to misrepresent their performance data. 

If a manager were to inflate their figures, existing clients would likely pick up on the discrepancy between their performance and that claimed by the manager leading to awkward conversations and potential involvement of regulatory bodies.

The PCI are published quarterly in February, May, August and November. Daily and monthly estimates are provided in the interim period. 

The Indices consist of a vast array of real portfolio performance figures, totaling in the hundreds of thousands. 

While some investment managers are able to provide their data in a shorter timeframe, our experience shows that it would not be possible to bring forward the data delivery deadline from the current 15 working days following the quarter-end. After this deadline, we require approximately one week to organize, process, validate and analyze the collected data before publishing the results. 

Consequently, the finalized figures are available at the start of the second month after the calendar quarter-end. 

The contributor list can be seen on www.suggestus.com within the ARC Wealth Indices section (free login required). 

PCI membership is structured into different levels based on the level of AUM and number of portfolios managed on a discretionary basis. All contributing managers commit to an initial three-year term. 

Large Firm Contributor Membership  

For discretionary investment managers managing over GBP 2 billion in private client discretionary assets and more than 100 portfolios above GBP 250,000. 

These contributors' portfolio data submissions serve as the foundation of the Private Client Indices. 

Medium Firm Contributor Membership  

For discretionary investment managers managing over GBP 500 million in private client discretionary assets and more than 75 portfolios above GBP 250,000. 

These contributors' portfolio data submissions serve as the foundation of the Private Client Indices. 

Small Firm Membership  

For discretionary investment managers managing over GBP 250 million in private client discretionary assets and more than 100 portfolios above GBP 250,000. 

Pooled, Unitized Fund or Model Membership  

For investment managers who manage multi-asset private client solutions but do not meet the criteria to become Small, Medium or Large Firm Members. 

Data Contributors pay a fee for indices membership and gain access to valuable market intelligence analytics that provide insights into their performance relative to their peers. Some have opted not to be listed. 

Not all investment managers choose to participate in the PCI. 

The ARC Managed Platform Solution (MPS) Indices, launched in Q2 2025, include model portfolios on advisor platforms together with funds that mirror MPS strategies. They may be available to approved IFAs for viewing or limited informational use, subject to applicable access permissions and terms. 

Over the past 20 years, the ARC Private Client Indices (PCI) have become a widely used benchmark for understanding private wealth performance. Using our experience in performance analytics, the MPS Indices are intended to provide a comparator index series for MPS solutions. 

The MPS Indices provide IFAs with a peer-group reference point for reviewing solution performance. For example, the PCI are net of all fees and show average investor performance outcomes, while the MPS Indices show reported outcomes from investment strategies accessible on platforms. The MPS Indices are net of investment fees such as investment management charges and underlying instrument costs but exclude platform and advisor charges. The actual investor outcome will vary depending on the individual fee arrangements charged by the advisor and platforms. 

The MPS Indices are classified by average equity allocation rather than realized volatility, as is the case with the PCI. The indices are net of manager fees based on the most used platform. The asset allocation categories are 0-20%, 20-40%, 40-60%, 60-80% and 80-100%. The Indices launched in 2025 with approximately 500 models from more than 70 investment managers and are calculated quarterly, with monthly and daily estimates.

The MPS Indices focus on the reported performance model or unitized solutions available on platforms and are classified using average equity allocation. The PCI use realized volatility of discretionary private client portfolios in their construction. 

The key differences between the ARC Managed Platform Solutions Indices and the ARC Private Client Indices lie in their purpose, construction and target audience. 

The MPS Indices are constructed using performance and asset allocation data submitted by participating providers classified based on equity exposure over a rolling three-year period. 

Methodology 

Data Collection and Eligibility 

• Data is sourced from discretionary investment managers offering MPS solutions. 
• Eligible providers must meet regulatory standards (please refer to the section ‘Who are the contributing managers’ below for more information) and report data for all MPS solutions they offer. 
• Performance data must be submitted net of management fees, VAT or equivalent sales taxes, underlying instrument charges and other charges related to the management of the solution. 
• Data is collected quarterly, with monthly resolution. 

Classification by Equity Allocation 

• MPS solutions are categorized based on their three-year rolling average equity allocation. 
• The five equity allocation categories are defined as follows: 
• 0-20% equity 
• 20-40% equity 
• 40-60% equity 
• 60-80% equity 
• 80-100% equity 
• Models that exceed their designated equity range for 12 consecutive months are reclassified. 
• Immediate reclassification occurs if equity allocation breaches predefined extreme limits. 

Index Calculation 

• Performance is aggregated using a geometric mean, reflecting the compounding nature of investment returns. 
• All indices are rebased to 100 at inception, ensuring consistency and comparability. 
• Weighting mechanisms are applied to ensure fair representation, preventing large providers from disproportionately influencing results. 

Data Integrity and Validation 

• Automated and manual validation checks identify inconsistencies, outliers and potential data errors. 
• Regular audits ensure compliance with submission guidelines and accuracy in reporting. 
• Anomalous data is either flagged for correction or excluded from calculations. 

Governance and Oversight 

• The methodology is designed to support governance, accountability and transparency, including principles reflected in the IOSCO Principles for Financial Benchmarks. 
• ARC Research Limited oversees the indices through governance and review processes intended to support transparency, integrity and independence. 
• Quarterly and annual reviews are conducted to assess methodology effectiveness and market alignment. 

Publication and Accessibility 

• Preliminary estimates are released daily and monthly. 
• Final index performance data is published quarterly. 
• Reports include index performance tables, quartile ranges, rolling performance charts and a list of contributors. 
• Indices may be available via www.suggestus.com and authorized third-party platforms, subject to applicable access permissions, licensing terms and usage restrictions. 

The MPS Indices are different from the PCI. How to decide which one to use? 

The MPS Indices are designed to provide performance context for managed platform solutions, such as MPS models and multi-asset funds. These solutions are different from private client portfolios covered by the PCI and use a different classification approach. Whether an MPS Index is an appropriate comparator depends on the characteristics of the model or fund being reviewed and should be assessed by the user and, where appropriate, their professional advisor. 

Fundamentally, the PCI compare historical outcomes delivered for a given level of realized risk, whereas the MPS Indices are classified by model construction and average equity allocation rather than realized volatility. 

The MPS series differs from the PCI in that it uses equity allocation as the basis for classification rather than realized volatility. To construct the indices, we use three-year rolling average equity allocation (or whatever is available if fewer than three years). For this reason, there is more asset allocation information in the MPS reports than there is in the PCI reports. 

How to decide which MPS index to use? Selecting a comparator is a user decision and is not a recommendation by ARC Research. As a general methodological matter, the equity allocation of the model or fund would ordinarily be expected to be within or close to the range for the relevant index. There will always be borderline cases, where the target allocation for a given model sits on the boundary between two indices. In these cases, users should consider the stated aims, target volatility, asset mix and other characteristics of the model or fund. The performance reports include information about risk levels and use some risk-adjusted performance measures to help users understand volatility in more detail. 

The contributor list can be seen on www.suggestus.com within the ARC Wealth Indices section (free login required). 

To maintain the integrity of the Indices, contributors must meet specific eligibility criteria. 

Eligibility Criteria 

To qualify as a contributor, a firm must: 

• Be a regulated investment manager – Contributors must be regulated by a recognized financial authority (e.g., FCA in the U.K.) and actively manage discretionary model portfolio solutions. 
• Offer discretionary MPS solutions – The portfolios submitted must be discretionary model portfolios or unitized versions of an MPS solution (not bespoke or advisory portfolios). 
• Have assets invested in MPS solutions – MPS solutions must be available on at least one third-party platform. 
• Commit to ongoing data submission – Firms must provide regular performance and asset allocation data for all MPS solutions to ensure consistency and reduce selection bias. 

If a firm offers a solution (model or unitized) on a third-party platform and has assets invested in those solutions, they may be eligible for the MPS Indices. 

There are several relationship models that will affect eligibility 

The ACI are a set of four sterling-denominated benchmarks designed to assist charity trustees and advisors in evaluating the performance of their investment portfolios by providing insights into the actual returns achieved by discretionary managed charity portfolios, net of fees. 

Each index corresponds to a specific risk category, measured by the volatility of monthly returns relative to U.K. equity markets over the preceding 36 months. 

The indices are constructed using actual performance data from a broad range of charity portfolios, encompassing various asset allocations and investment strategies. This approach is intended to reflect real-world investment experiences and provide a benchmark for charities reviewing investment outcomes. 

By comparing their portfolio performance against the appropriate ARC Charity Index, charities can gain a clearer understanding of how their investments compare against charities with similar investment objectives. 

This benchmarking process provides historical peer-group context that charities and their advisors may consider alongside the organization's financial objectives, risk tolerance and applicable professional advice.

The Multi-Asset Charity Fund Review (MACFR) offers a comprehensive overview of the multi-asset charity fund sector. Developed with the support of participating fund managers, it serves as a valuable resource for current and prospective investors, as well as their advisors. 

The quarterly review encompasses several key areas: 

• Performance Analysis: It provides a summary of fund returns over various periods, allowing charities to assess how different funds have performed historically. 

• Asset Allocation and Fund Size: The review details the asset mix and sizes of the funds, offering insights into their investment strategies and scale. 

• Risk and Return Metrics: It includes analyses of risk-adjusted returns, helping charities understand the relationship between the returns achieved and the risks undertaken by different funds. 

• Income and Dividend Information: The review presents data on historical dividend yields and growth, which is crucial for charities that rely on investment income to fund their activities. 

• Additional Fund Details: Information on dealing procedures, pricing, charges and fund objectives is provided to give a holistic view of each fund's operations and goals. 

The review provides information that charity trustees and their advisors may use as one input when assessing whether investment choices align with their financial objectives and risk tolerance. This resource is intended to help users understand the multi-asset charity fund landscape and does not constitute investment advice or a recommendation. 

The ACI provide a dedicated benchmark for U.K. charity investment portfolios, reflecting their distinct income, ethical and strategic priorities. 

The construction methodology is similar and some of the portfolios included in the calculation of the Sterling PCI series will also be included in the calculation of the ACI. 

However, it is recognized that charities operate within a distinct sector that often demands specific investment strategies and considerations. For instance, while some firms choose to combine their private client and charity divisions, others opt for a more specialized approach, maintaining separate divisions to cater specifically to the differing needs of charity clients. 

Charities typically have specific objectives that go beyond mere financial returns; these may include a strong emphasis on income generation to support ongoing initiatives and adherence to ethical investment constraints that align with their mission. Recognizing these differences, separate indices are published for charities. As a result, only charity portfolios are included in the calculation of the ACI, providing a benchmark focused on charity portfolio performance. 

While the two sets of indices exhibit very similar return profiles during normal market conditions, the divergence becomes pronounced during periods of severe market movements. These fluctuations highlight how charities' focus on sustainable income generation and adherence to ethical investment practices can lead to divergence in return profiles when compared to private client portfolios that may share similar volatility characteristics.

Contributing managers must manage discretionary portfolios on behalf of registered charities. 

The contributor list can be seen on www.suggestus.com within the ARC Wealth Indices section (free login required). 

The ARC Inheritance Tax Portfolio Index (AIP) is a sterling-denominated index used by investors and their advisors as a reference point when assessing the historical performance of discretionary portfolios within specialist mandates that seek exposure to investments expected to qualify for U.K. Business Relief. 

Currently, certain investments in U.K. companies may qualify for Business Relief (https://www.gov.uk/business-relief-inheritance-tax), allowing them to be passed down free from inheritance tax after two years of ownership if all relevant conditions are satisfied, including that the investor is still holding them at death. ARC Research does not provide tax advice or determine whether any investment, portfolio or investor qualifies for Business Relief. 

The AIP Index provides insight into the actual returns being generated by discretionary managed IHT portfolios, net of fees, based on thousands of portfolios submitted by participating investment managers. 

Data 

No model or synthetic data is accepted. 

The AIP Index relies on actual performance data derived from portfolios that are actively managed by investment professionals. By using submitted portfolio data, the index is intended to reflect outcomes experienced by contributing portfolios, subject to the methodology, data coverage and validation process. 

Contributors provide actual monthly performance figures, net of fees, for all discretionary IHT portfolios, covering as much historical data as possible. 

Only portfolios that aim for 100% Business Relief eligibility are included in the Index. While holdings are not limited to AIM stocks (https://www.londonstockexchange.com/raise-finance/equity/aim), AQSE (https://www.aquis.eu/stock-exchange) listings are also permitted, and illiquid private equity portfolios that cannot be valued on a regular basis are excluded. 

Generally, portfolios are expected to be fully invested, although there may be instances where a portion of cash is held. 

The Alternative Investment Market (AIM) is a sub-market of the London Stock Exchange, designed for smaller, growing companies seeking access to capital. Launched in 1995, the AIM provides a more flexible regulatory environment than the main market, making it attractive for early-stage and high-growth businesses. 

AIM stocks can be volatile and less liquid than those on the main market, making them higher-risk investments. 

The Aquis Stock Exchange (AQSE) is a U.K.-based stock exchange focused on small- and mid-sized growth companies. It operates two markets: the AQSE Growth Market, which offers a lighter regulatory framework for early-stage businesses, and the AQSE Main Market, which follows stricter listing rules. AQSE provides an alternative to AIM, supporting entrepreneurial companies with access to capital while offering investors exposure to high-growth opportunities. 

However, liquidity can be lower than on larger exchanges, making it a higher-risk investment environment. 

Calculation Basis 

• Sterling-denominated monthly index with start date of December 2012. 

• Unweighted—each portfolio’s index contribution is not determined by value. 

• Data Contributor concentration limits avoid any single Data Contributor dominating the Index. 

Contributing to the AIP Index supports performance benchmarking, access to market insights and internal controls related to submitted data. 

Contributing to the AIP Index offers investment managers several potential advantages. 

Benchmarking and Performance Assessment 

By participating, managers can compare their portfolios against a specific peer group benchmark, supporting performance review and further internal analysis. 

Enhanced Credibility and Transparency 

Inclusion in the AIP Index indicates that the contributor provides actual net-of-fees performance data for inclusion in the Index, subject to applicable eligibility criteria and methodology requirements. 

Access to Market Intelligence 

Contributors receive reports and insights, including market intelligence, marketing factsheets, analysis of industry trends and, where applicable, a commercial license to use the Index within the scope of the relevant license terms. 

Peer Comparison and Style Analysis 

The index provides insights into performance relative to peers, allowing managers to analyze their investment style in context. 

Independent Third-Party Validation 

Participation provides data checks, audit spreadsheets and outlier identification that can support internal governance and compliance frameworks.

Contributing managers to the AIP Index include specialist IHT portfolio managers, wealth managers, private banks and multi-asset investment firms focused on Business Relief-qualifying strategies. 

The contributor list can be seen on www.suggestus.com within the ARC Wealth Indices section (free login required).

Find out how IFAs and other wealth intermediaries can upgrade their Suggestus account at no cost to access our database of DFM performance and due diligence.

Suggestus is the home of the ARC Wealth Indices, but there is so much more available if for IFAs or other wealth intermediaries. After logging in, click the "Request Access" button on the home page to complete the details. If the criteria are met, credentials will be checked and the account upgraded at no cost.

Why Upgrade?

Professional intermediaries can access the following additional features:

• Create unlimited client risk and ESG profiles
• Review individual DFMs and their performance
• Find and compare investment managers by style
• Access a library of standardized due diligence

Access is free; however, due to the nature of the information contained within the site, only professional wealth advisors can be approved. Anyone who is not a professional wealth advisor can contact index_services@spglobal.com for more information.

Our free-to-use, top-level investment portfolio performance context tool.

What does Performance QuickCheck do?

In partnership with over 140 professional investment management firms, we have collected over 350,000 investment portfolios across five major currencies.

The Performance QuickCheck tool (https://www.suggestus.com/quick-check) can be used to get an indicative comparison of a portfolio’s historical performance versus relevant peer group indices, based on user-provided inputs.

There are many ways to make a comparison, each with their own merits. A comparison could be made with a market index, like the S&P 500, but the portfolio might not include the companies that make up the index, so is that a fair comparison? Probably not.

Looking at any sport, how do we know how our favorite team is doing? We of course look at all the other teams for context.

That is precisely what we have done in an investment sense using the ARC Private Client Indices and ARC Charity Indices.

What are the required inputs?

There are only four required inputs to obtain a QuickCheck result, but there are also a few options that can give a more detailed result.

Choose your universe - Required
This is the base currency that the portfolio is valued in. For example, if the portfolio is denominated in GBP, but (partially or even fully) invested in U.S. or European shares, the value would be seen in GBP terms on the valuation. If it is a U.K.-based charity, we have a specific universe consisting of professionally managed portfolios run on behalf of charities.

Equity exposure - Required
This helps us to choose the most appropriate peer group category. We classify the constituent portfolios of the indices by volatility (another name for standard deviation), or the degree to which any given month’s return might be away from the longer term average. Equities are generally the most “risky” investment, so we can use the amount of equities in a portfolio to estimate the most appropriate peer group category. Alternatively, it is possible to just click on one of the four PCI peer groups to set the equity allocation to that index.

Time period and return - Required
This is how much, in percentage terms, a portfolio has grown (or shrunk) over the time period. This information can be found on the valuation, by asking an advisor/investment manager or by taking the percentage change in value, less any capital additions or withdrawals.

By default, the end date will be set to the last finalized date for the indices, but this can be changed to use the latest month-end estimates. If daily data is available, you can tick the box to choose any given day up to yesterday. Daily data uses a modeling process to estimate the return for a given day.

The return figure defaults to cumulative, but the box for annualized figures can also be ticked.

Tell us who looks after your investment portfolio - Required

This helps us provide contextual comments in the report. The report may identify information for the user to consider, but it does not provide investment advice or recommend any course of action.

Portfolio Size - Optional

This will be shown in the report. It may be helpful in future to see how big the portfolio was when the analysis was undertaken.

Account Identifier - Optional

This code allows the account to be identified. It will be shown in the PDF report that is produced as part of the output.

Our free-to-use, top-level investment portfolio fee service.

What does Fee QuickCheck do?

Understanding the costs of investing can be challenging for both new and experienced investors alike.

Fee QuickCheck (https://www.suggestus.com/fee-check) allows users to compare ongoing fees to the range of fees charged by discretionary investment managers, providing context for further analysis of costs.

Fee QuickCheck uses the published fee scales of circa 100 discretionary managers collected by ARC Research to place fees into context.

What are the required input fields?

The system is intended for multi-asset private client portfolios that will be invested in a range of different asset classes using various investment vehicles. It is not intended for comparison of MPS solutions or funds.

How much of your portfolio is typically invested in active third-party funds? - Required

A significant contributor to the total cost of a portfolio is the underlying cost of any fund investments. In particular, actively managed funds tend to incur higher fees due to the costs of employing specialist investment managers.

The use of third-party active funds may give a portfolio manager access to external specialist investment managers for a particular region or asset class, but it can raise the total cost of the portfolio compared to direct investments or in-house funds where the manager can control the cost. This means that the degree of investment in active third-party funds is an important consideration in the total cost of the portfolio.

Portfolio Size - Required

Many investment managers use a fee scale based on the size of the portfolio and so size is a key factor in assessing the overall level of fees charged. Larger portfolios can access a wider range of investment solutions and can benefit from lower fees because holding sizes tend to be larger.

For a more accurate result, please enter the average size of the portfolio over the fee period.

Account Identifier - Optional

This code allows you to identify this account. It will be shown in the PDF report that is produced as part of the output.

Portfolio Fee Information - Required

Fee QuickCheck is designed to compare the on-going cost of discretionary investment management services. One-off costs such as initial charges and exit fees should be excluded, as should the costs of financial advice where charged separately. Choose between a monetary amount or a percentage fee. This information is provided by your investment manager in an annual statement.

Do you pay VAT on your Investment Services? - Required

If you pay VAT, then this should be included in the Investment Service Cost figure in the next field.

Investment Service Cost ('ISC') including VAT (%) - Required

The costs to be included under this heading include investment management fees, custody fees and VAT (if applicable).

Investment advisor fees or financial planning fees should be excluded.

Total On-Going Cost including VAT (%) - Required

Overall on-going costs, including investment service costs, transaction fees and product costs should be included. This information will be sent to you in an annual statement by your investment manager.

Investment advisor fees or financial planning fees should be excluded.

One-off fees such as initial charges and exit fees should be excluded.

Tell us who looks after your investment portfolio - Required

This helps us provide contextual comments in the fee report. The report may identify information for the user to consider, but it does not provide investment advice or recommend any course of action.

Get the best out of Suggestus by using the Manager Research within www.suggestus.com.

If you can’t see this in the menu, use the “Request Approval” button on the home page.

Try the “Explore” mode, which is an Investment Solutions Comparison Tool.

This page allows you to review, filter, and compare hundreds of investment solutions in a flexible, easy-to-navigate grid. By default, the grid displays Managed Platform Solutions (MPS) in GBP.

Key statistics such as performance, risk and ratings are included to provide context for further analysis.

At the top of the screen are some helpful filters, where you can select from the drop down, and to update your view after making any changes, be sure to click "Refresh Data". You can also explore historical data by adjusting the analysis date and export your results to Excel for offline review.

You can adjust filters as well as sort options and groupings to suit your needs. For example, you may filter by MPS Medal rating, ARC Wealth Index or Average Equity Exposure when reviewing a particular peer group or allocation category.

When you have a filtered selection, you can download the grid of data into Excel for onward manipulation or download a Peer report showing performance of the solution versus our ARC Wealth Index.

Want to start again? Select “Reset Grid Settings.”

To get the most out of your screen space, a tip is to collapse the menu with the top left arrow.

If you want a deeper dive on a particular manager, the Directory has additional information on over 100 managers in one place. Click on a manager tile to access detailed profiles, investment styles, DDQs, contact information and performance data.

Our Style Assessment reflects our interpretation of how a manager’s process works, based on meetings with the manager and our review of its DDQ. It is provided for information and comparison purposes only.

Build a client profile that allows you to record information about a client’s risk appetite and approach to responsible investing, and to identify managers for further review based on stated preferences.

To get started, navigate to “Client Profiles” in the menu.

• Select “Risk Profile”
• Select an existing client or create a new one
• Answer eight questions
• Any inconsistencies will be shown to the right with a description
• Once comfortable, save the profile.

The results will be displayed along with the option to download the report. The client and reports will remain in the grid under “Client Profiles” for later access.

Client profile, ESG profile and related report information should be treated as user-provided information and handled in accordance with the applicable privacy notice, platform terms and data retention policies.

There is also an “ESG Profile” questionnaire available.

How does the Risk Profile result map to one of our ARC Wealth Indices?

Your performance versus peers

The Suggestus Performance Grade uses our database of real client portfolio outcomes that make up the PCI peer group to provide historical peer-group context. This grade analyzes the risk characteristics of the portfolio, looks at its returns and compares risk-adjusted returns to a group of similar portfolios. Similar portfolios are those that have the same reference currency and comparable risk characteristics. The Performance Grade summarizes the portfolio’s historical risk-adjusted return position within a universe of multi-asset-class portfolios that have taken similar levels of risk. This process results in one of six grades being awarded.

The grade requires a minimum of 12 months of performance history and is calculated for the latest 10 years, or from inception if this period is shorter.

To calculate this grade accurately, a minimum of 36 months of performance data to the current quarter end is required. If less data is available, the rating will be greyscale, not color, and should be considered indicative.

Grades are intended to provide historical peer-group context only. Users should consider the grade alongside their own objectives, risk tolerance, mandate constraints, fees, tax position and appropriate professional advice.

The table below sets out the mark scheme for the Performance Grades.

What does the grade mean under the methodology?

ARC Research Ratings Explained: A Dual Approach to Summarizing Historical Performance and Quantitative Characteristics

ARC Research utilizes two distinct ratings: Performance Grade and Medals.

Performance Grades are evaluated against our PCI and ACI Index universes and are designed to summarize historical portfolio performance for a specific portfolio. Medal ratings are used to summarize certain historical and quantitative characteristics of solutions in the MPS universe, including return, risk, style and trend.

It is important to note that MPS data is often presented on a theoretical basis rather than derived from actual investor results. Consequently, this data is "idealized" and does not account for factors such as real implementation costs, advisor fees, tax implications, cashflow impacts or deviations driven by client choices. This distinction is why we have established two separate rating systems.

The Performance Grade (compared to the PCI/ACI data set) reflects historical portfolio performance, while the Medal rating (compared to MPS) provides a standardized methodology-based summary of selected historical and quantitative characteristics.

Methodology

The methodologies underpinning the rating approaches are summarized below

Rating Options and Illustrative Mapping

The rating approaches are not directly comparable. The table below is illustrative only and should not be treated as an equivalence, recommendation or suitability assessment.

A common question we receive is whether the ARC Wealth Indices can identify the “best” investment manager. The short answer is no, because investment performance is highly context-dependent.

Why We Do Not Produce League Tables or Rankings of Manager Returns

A natural follow-up to the question of identifying the best manager is why we do not publish league tables ranking individual manager returns. The answer lies in maintaining the integrity of the ARC Wealth Indices as an independent benchmark.

Preserving Benchmark Value

The ARC Wealth Indices are designed to provide an objective measure of risk-adjusted performance across the investment industry. If individual manager returns were publicly ranked, the value of the indices as a neutral industry benchmark would be compromised.

Encouraging Industry Transparency

A crucial factor in the robustness of the ARC Wealth Indices is the breadth of data submitted by discretionary investment managers. Publicly ranking managers would create a disincentive for those with below-average returns to contribute, reducing transparency and diminishing the value of the benchmark. Instead, by keeping individual manager data confidential, we encourage broad participation, ensuring the indices remain a reliable measure of industry-wide performance.

Focus on Risk-Adjusted Peer Group Analysis

Rather than producing league tables, the ARC Wealth Indices provide a way for investors, trustees and advisors to review historical performance within appropriate risk categories. The focus is on performance relative to risk taken, not on ranking managers or recommending that any manager be appointed, retained or replaced.

Rather than “Who is the best manager?” a more useful question is, “Is my manager delivering appropriate risk-adjusted returns relative to their peers?”

The ARC Wealth Indices provide an independent framework that may help users frame further due diligence based on data rather than marketing claims. They should not be relied on as a recommendation to appoint, retain, terminate or allocate assets to any investment manager.

The performance reports for solutions in the MPS Indices use the MPS Medal Rating as a methodology-based summary of selected historical and quantitative characteristics. What does the Medal mean?

Good past performance may be due to luck, judgement, higher risk or favorable market conditions. The Medal methodology uses statistical techniques that consider return, risk, style and trend, rather than standard performance tables based purely on return. The Medal Rating is not a prediction of future performance, a recommendation or a suitability assessment.

Return

The traditional return-based ranking system takes no account of the expected returns of a particular investment solution. By comparing each investment solution to the relevant MPS Index, performance is assessed relative to a relevant yardstick. This approach provides information on historical relative performance under the methodology.

Risk

The Medal Rating adjusts for risk so that models are assessed on a consistent basis under the methodology. The risk component assesses whether historical returns were commensurate with the measured risk characteristics of the model.

Style

Investment style affects how close the relationship is between the stated benchmark and the model. This degree of closeness is measured by correlation. For example, an investment house that adopts a value-oriented investment strategy is likely to have a lower correlation with the benchmark than an investment house that emphasizes the "top-down" approach. The Medal Rating considers investment style as one input in assessing historical performance under the methodology.

Trend

The Medal Rating gives more weight to recent performance figures than to older ones. That means exceptionally good or bad returns over a single period slowly decline in importance over the review period. This technique allows performance trends to become apparent faster than would normally be the case.

The 3D Award recognizes firms that, following ARC Research’s annual review process, have demonstrated the transparency, engagement and integrity criteria assessed for the award.

It recognizes investment management firms that meet the transparency and integrity criteria assessed in the annual review process.

The award should not be treated as a recommendation, suitability assessment or endorsement of any investment manager, product, portfolio, strategy or service.

How does it work?

We conduct a rigorous annual review process, requiring firms to demonstrate ongoing commitment to the award's core principles through detailed reporting and due diligence.

Non-compliance results in the immediate withdrawal of the award, ensuring that standards are continually upheld.