The challenge
The FCA had found widespread issues with controls and record keeping within a leading adviser network. Suspecting that this had led to unsuitable advice around pension transfers and switches, it told our client to carry out a largescale review of business conducted by its advisers and Appointed Representatives (ARs). Owing to a number of conflicts of interest, we took over the project from a ‘Big 4’ firm, quickly scaling up to make sure the project stayed on track and met strict FCA timelines.
Our approach
We immediately realised that the review and loss calculation methodologies that we’d inherited weren’t up to scratch. Redress calculations hadn’t been tested and there wasn’t sufficient data to properly calculate redress in any case. What’s more, process inefficiencies meant there was a huge backlog of unclear cases waiting for product provider details. We completely redesigned the core workstreams and end-to-end processes to get the project moving. This included: Changes made to the calculation methodology by our experienced actuarial team Introduction of a triage process to improve the data set Adaption of the review methodology to cut out inefficiencies, having identified the four key unsuitable outcomes Building a bespoke workflow technology solution to manage caseload, improve efficiency, and provide full MI reporting. With the new processes agreed with the client and FCA, we rolled out a training programme for project staff to ensure the highest possible standards, as well as drawing on our large pool of contractors to augment the existing team when needed. Our innovative approach and focus on finding efficiencies meant that once the project was underway, we reviewed a total of 22,000 cases and calculated £13m of redress within the 18 month timeframe, wrapping the project up as quickly as possible for our client and meeting tight FCA deadlines.
Outcomes
By finding a number of efficiencies in the review process and implementing a bespoke workflow technology solution, we completed the project as quickly as possible. This saved our client time and money, and by avoiding further unnecessary delays, we helped them avoid further regulatory action. Our flexible, agile resourcing model meant we could quickly add to the team when needed, ensuring there were no gaps in knowledge or expertise.
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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.