Dear CEO: Our Custody and Fund Services Supervision Strategy Letter
MoreCall: 0845 139 4444
Email: hello@square4.com
Call: 0845 139 4444
Email: hello@square4.com
Working collaboratively with you, to achieve robust, efficient and outcomes focused remediation programmes.
Step 1 – Review
Determine what the issue is, and what is driving the results, whether this is this people, process and/or system related.
Identify the root cause, and whether this is this due to a control (policies, procedures, system design) or human error.
Consider what the initial observations indicate, and how these results can determine how widespread the issues are.
Step 2 – Assess
Identify the cohorts of the population (what product types, time periods, the number of customers to remediate, and will the sample be statistically significant).
Step 3 – Design
Commence a pilot, undertake analysis of the pilot’s findings and conclusions.
Challenge whether you are confident that the right customer outcomes are being achieved. If not, agree what changes are required.
Develop the necessary framework to proceed to the main review.
Create training material, train and accredit the operational teams.
Create a robust assurance framework, consisting of Control testing, Quality Assurance and Outcomes testing.
Step 4 – Deliver
Create the necessary controls to demonstrate that customers are in receipt of good outcomes.
Liaise with the Regulator and attest that the project has been completed to regulatory standards and customers have received good outcomes.
Deal with late responding customers.
Is there a resourcing plan for permanent employees transitioning off the review?
Develop and maintain a robust audit trail of the review’s activities.
What lessons have been learnt from this review that can be incorporated into any future past business reviews?
What lessons need to be passed on to you BAU environment, to help to prevent similar, material systemic breaches occurring in the future?
Learn More About Our Unrivalled Level of Service & Expertise
Contact UsWe combine and customise our specialist remediation components to deliver the best solution for your business.
Depth of experience
Unrivalled remediation experience of our advisory team
Extensive network of operations experts
We will challenge your thinking to ensure the best possible outcome. Our senior people are accessible, approachable and are involved in all the key stages of our work.
Multi Disciplined
Expertise and insight across the financial services landscape
A commercial and pragmatic view of regulatory change
Transfer of our specialist knowledge and insight to your in-house teams. Improvements to processes and products can be derived from remediation programmes, which will help you to mitigate risk and drive value over the longer term.
Nimble
Experienced with tools and collateral immediately available
Collaborative and partnership-based approach
We are easy to work with, minimising disruption to your business
Flexible solutions tailor made to your requirements
Responsive
Ability to scale at speed to support
Our client service teams have the power to act and make decisions quickly. We provide a co-ordinated approach and to take into account the bespoke needs of our clients.
Q. What is Remediation?
A. Across all firms, from time to time, things go wrong. It is not always the fault of the business itself but regardless of how a mistake has been made, an effective remedy is needed. Remediation is the process of identifying customers affected by issues (either isolated or systemic) and determining what is required to address the impact to the customers.
Q. What areas have you typically undertaken Remediation within?
A. Remediation programmes have taken many forms over the years, from mortgage endowment and PPI mis-selling to pension switching and unaffordable lending in the high-cost short-term credit space. Remediation can be as simple as rectifying an erroneous charge, or a broader scale systemic review to investigate and engage the affected population and the appropriate treatments more deeply.
Q. How long does a review typically take?
A. The length of any programme is determined by the scale and severity of issues that require remedial action. Our solutions are tailored to your requirements, and delivery options vary from advisory subject matter expert, to a whole operation deployed through our interim solutions. Our support is driven by your requirements, the composition of the team tailored to your needs, ensuring a commercial and pragmatic service of the highest quality.
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