The challenge
A national financial planning and investment management network faced a strategic challenge requiring accelerated redress calculations. The firm found themselves in urgent need of several defined benefit transfer loss assessment calculations. In order to overcome the additional challenge of strict time constraints, reasonable assumptions needed to be taken regarding the surrendered benefits, coupled with utilising the available data to allocate values within the receiving scheme funds.
Our approach
The TCC team took a proactive approach in overcoming the initial hurdle of unavailable data sets and introduced a tailor-made method to solve the firm’s problem, which exemplifies our dedication to finding bespoke solutions swiftly and effectively. By utilising our specialists’ expertise, we were able to make informed assumptions that paved the way for successful project delivery within a tight timeframe of just two weeks. This meticulous process not only allowed us to allocate the necessary funds accurately but also enabled us to anticipate and address any potential challenges that could arise from regulatory scrutiny. Our commitment to providing a sustainable and efficient solution for the firm ensured that we delivered results that will stand the test of time.
Outcomes
Our in-house redress team is unparalleled in the industry, excelling with our proactive strategies and extensive actuarial knowledge Our adaptable and versatile models enabled us to efficiently handle and challenge any potential regulatory issue Utilising our industry expertise, we swiftly pinpointed valuable assets that paved the way for a integrated and effective resolution “TCC has collaborated closely with us since 2019, and the partnership has thrived over the years. Recently, our firm urgently requested a number of loss assessments for defined benefit transfers, and TCC’s response was outstanding. The assessments were completed swiftly and within the agreed timeframe. TCC not only delivered high-quality work but also identified issues and challenged certain assumptions to ensure the best possible outcome for our business.”
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- Pensions & Retirement IncomeTCC helps pension providers, retirement specialists, advisers, platforms and consolidators strengthen retirement income governance, evidence customer outcomes and manage regulatory risk. Our specialists support firms with retirement income reviews, ongoing servicing assessments, Consumer Duty programmes, DB transfer reviews, vulnerability frameworks, remediation projects and compliance monitoring across the customer lifecycle.
- Wealth Management & Financial AdviceTCC helps wealth managers, financial advisers, networks, platforms and consolidators strengthen compliance, evidence customer outcomes and manage regulatory risk. Every engagement is designed to deliver practical improvements, stronger governance and regulator-ready evidence. For more than 25 years, we have helped FCA-regulated firms navigate regulatory change, supervisory reviews and business growth.