Identify and address past issues and improve customer advocacy

 

If the FCA has expressed concerns over a firm’s past business, or the firm suspects a product or process may have led to unintentional consumer harm, undertaking a review of past business can reveal exactly where an issue lies, and makes the steps required to remediate it much clearer.

When conducted effectively, past business reviews are a great opportunity for a firm to learn from experience, while increasing customer trust.

Huntswood supports clients by reviewing past business from a regulatory perspective, providing either positive assurance, or recommendations for further action.

We have helped a large number of clients to identify and quantify issues in terms of the level of detriment suffered and, subsequently, the extent of any remediation required.

In addition, we have supported firms to augment their processes, policies and products, protecting against the recurrence of issues. 

Huntswood regularly:

  • Performs reviews of historic business driven by the regulator or proactively by the firm, helping firms to identify issues and quantify the extent of any potential harm to consumers
  • Runs end-to-end, large-scale remediation exercises for firms, including providing a secure location and connection to client systems, as well as workflow solutions, telephony, mailrooms, people, management structure and training delivery. We often help our clients design or augment their redress methodology to achieve savings and efficiencies (i.e. determining sensible ‘straight to pay’ thresholds, or segmenting the customer base)
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Key Benefits

  • Ensure a robust review by engaging an expert, independent third party

  • Reduce potential regulatory scrutiny by providing assurance that your approach is supported by an experienced and qualified external advisor

  • Augment your in-house team with specialist resource in a timely manner, supporting your ability undertake complex past business reviews and remediation exercises 

 

Why Huntswood

Experts in helping firms scope and implement exercises to review their past activities, and identify any past and ongoing regulatory issues

Experience of working with the regulator in this area and knowing what good looks like

Versed in translating review findings into a proportionate response to remediation issues