Redress and remediation

Building for success

We know the importance of a focused approach to deliver good customer outcomes, within the right timeframe and at the right cost. We have a tried and tested methodology to set up redress and remediation programmes for success and building confidence. 

Design principles  

Designing a tailored approach to deliver good customer outcomes depends on understanding your business, your circumstances, and the root cause of any issues. To determine what remedial action may be required, it’s crucial to identify the potential for customer harm within the context of the relevant regulatory framework.  

Population identification 

Identifying the correct in-scope population is critical to starting out on the right foot. Undertaking robust check and challenge is an invaluable activity to ensure all potentially impacted populations have been identified and verified.  

Approach and methodology 

Developing a robust methodology that’s operationally efficient and ensures the delivery of good customer outcomes will be fundamental to delivering a successful high-quality programme. Our help can include designing customer communications (including vulnerable client treatment), establishing file assessment methodology, creating a redress methodology and delivering a pilot study to test the key principles. 

Operational execution  

We can support you through operational execution with a range of expertise and technology accelerators. 

Regulatory insights 

As a trusted provider to the FCA and PRA, we bring deep regulatory insights to support the execution and delivery activities to ensure customers are consistently receiving good outcomes.  

Agile resource  

We run a highly-skilled agile resource pool of experienced file reviewers and professionally-qualified staff. We have individuals in the team who are level 4 diploma-qualified, qualified mortgage advisers, and investment specialists, as well as pension transfer specialists. 

Enablers 

We draw on significant industry experience to provide the right skill sets and expertise across our remediation programmes. As well as our team of regulatory specialists we can leverage skillsets from across the business to improve efficiency, reduce timelines, and manage costs.

Data and forensic

Combining skilled data analytics capabilities and expert forensic acumen, our team are experienced in crafting robust analytics solutions that ensure data seamlessly flows end-to-end.

Technology

We use our bespoke R2 platform to streamline client remediation cases, manage redress issues and Know Your Customer shortfalls.

Our tools include Microsoft Office 365 tools, R2 offers on-demand questionnaires, real-time workflows, activity reporting, and dynamic dashboards.

This ‘fast-to-implement' solution leverages agile methodologies to quickly adapt to specific business needs, provide meaningful insights, and manage complex projects efficiently.

AI and automation

R2 harnesses state-of-the-art technology from Microsoft's PowerPlatform – including PowerApps, PowerAutomate and PowerBI, to create robust and scalable solutions. Additionally, AI integration enhances solution development and data integration, enabling automated processes, real-time insights, and improved decision making. 

Redress

Our qualified actuaries can assist in the calculation or independent validation of remediation outputs helping to make sure that the project is delivered efficiently to regulatory deadlines and standards and ensuring that customers are treated fairly. The types of calculations include complex account reconstitution, calculating outputs for financial illustrations provided to customers, and modelling changes to future payments.  

Restructuring

Our specialist restructuring team can provide tailored support to help directors and senior management navigate challenging situations – particularly where there may be concerns about the financial impact a programme will have on the business. The team can carry out a detailed financial scenario analysis to understand the potential impact of a redress or remediation programme. This includes thinking about  funding options, ways to improve liquidity, and highlighting any triggers that may lead to financial pressure. 

Closing with certainty  

Developing and following a robust closure plan is critical to any redress and remediation programme. It’s vital to clearly set out and demonstrate that all customers identified as being in scope have received the appropriate outcome. Our experts can provide full support as your programme draws to a close, giving all stakeholders greater assurance that redress and remediation risks are managed effectively.