MITIGATE RISK OF UNSUITABLE ADVICE AND protect your business
We provide independent assurance on your advice standards, sales practices, and governance and control arrangements – to reduce the risk of unsuitable advice being provided to your customers.
Our proven, flexible services can assist you in mitigating risk and future proofing your business thanks to our extensive regulatory experience and operational servicing capabilities for all types of advice, including - investments, pensions, mortgages, protection and defined benefit transfers.
Our experts support to identify improvements, efficiencies, and potential risks to your customers and business by assessing your business and operating models against regulatory expectations, industry best practice, and your own business risk appetite - ensuring you’re delivering suitable advice, effectively
YOUR NEEDS, OUR SOLUTIONS
Controls and risk management review and improvement
Business and operating model assurance
QA capacity, scalable with your business growth
Regulatory alignment of advice standards and practices
High quality paraplanning support
A choice of outsourced, co-sourced or insourced models
HUNTSWOOD SUPPORTS FIRMS WITH:
We provide case-level assurance by reviewing a sample of your cases to ensure the advice provided by your sales team is suitable and in line with your risk appetite, policies, procedures and regulatory requirements.
Any risks or issues identified are fed back to the business to make the necessary improvements. This can be done as a thematic review or as an ongoing service.
We determine whether features of products or services will expose the firm and / or its customers to risk, and help firms augment their processes, policies, procedures, governance and training to ensure issues will not crystallise in the customer base.
We can do this as a one-off exercise or on an ongoing quality assurance basis.
ADVICE STANDARDS AND SALES PROCESS ASSESSMENT
We ensure that your advice standards and sales processes do not result in excess risk by assessing its component parts, including: customer touchpoints, the information provided, disclosures and any conflicts of interest, sales incentives, training, recordkeeping and many other factors.
This is both in a regulatory and operational context, covering past, current and future business.
GOVERNANCE AND CONTROLS REVIEW
We conduct governance and controls effectiveness reviews to ensure that the advice process is overseen and monitored effectively. That risks and issues are identified and appropriately remedied, and the business is protected for the future.
We assess the governance and control environment against regulatory expectations and industry best practice considering your individual business risk appetite – making recommendations as appropriate.
OUTSOURCED PARAPLANNING AND QUALITY ASSURANCE SUPPORT
We provide outsourced quality assurance and paraplanning services to support effectiveness, quality, and cost efficiency. Our tried and tested people and processes ensure you receive a flexible, high quality service that aligns to your standards, products, and processes.
We offer both dedicated and bureau services to best suit your business model; and can support spikes in activity and complex products, as well as provide an ongoing BAU service.
- Reduced regulatory and conduct risk due to a clear view of performance, sales practices and governance and control arrangements
- Early identification of poor customer outcomes and unsuitable advice through the sales process at both a business and case level
- Rectification of identified customer detriment and mitigation of risk through root cause analysis, remediation and changes to policy, process, product design or training as required
- Cost effective and high-quality outsourced services to support strategic business objectives and ambitions
Ensure your operations remain compliant and deliver good outcomes for customers
Gain assurance and operational peace of mind from the outset
Mitigating risk and delivering good customer outcomes
Review past business and identify where remediation could enhance your reputation and ensure good outcomes
Meet short-term demands whilst building a foundation for resilient and compliant data management in the future
Taking the customer's perspective ensures that proposed changes are well-conceived and produce optimal outcomes
What needs to be included as part of the report, and what steps do firms need to take to be ready to produce their annual Board assessment?
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