A global bank was required by the regulator to move from 10% to 100% quality checking on new business submitted by financial advisers. This was as a result of a supervisory visit highlighting potential issues with the suitability / quality of advice.
Huntswood engaged, referenced, vetted and deployed Level 3 qualified financial services Consultants and established a fully managed service in three weeks, in order to begin the 100% quality checking.
Our robust resourcing and management approach allowed us to deliver a flexible, multi-site function, providing the capacity to verify 25,000+ instances of advice per month. We aligned operational capacity to incoming volumes by contracting appropriately with our resource.
The results of the 100% checking led the client and regulator to commission a wider holistic review to ‘de-risk’ the back book. This approach widened the scope of customers under review, and moved away from an ‘adviser-only’ focus. Huntswood onboarded nearly 200 further resources to deal with the widened scope.
Huntswood worked with the client to scope cohorts of work, designed the methodology, and then completed the file reviews. Over 300,000 mailings were issued and over 200,000 file reviews completed, which included associated customer contact.
Elsewhere on the project, our client’s remediation timelines were slipping, so our multi-skilled resource supported the delivery of remediation, which helped our client to meet its commitments to the regulator and avoid further action, while ensuring customers received good outcomes.