Our Approach

Working collaboratively with you, to achieve robust, efficient and outcomes focused remediation programmes.

How Square 4 Can help

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.

ESG

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?

Business

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Our Component Parts

We combine and customise our specialist remediation components to deliver the best solution for your business.

Square 4 FCA consultancy Logo

  • People - A live database of 3000+ skilled candidates available to deploy quickly across the UK
  • Locations - Flexibility to set up and manage operations from any of our Client's UK sites, our own Square 4 offices or on a remote working/hybrid basis. In addition, we can facilitate offshore operations if required.
  • Systems - Facilitation of remediation and complaints management systems through our close partnership with Aptean.
  • Advisory - Our consultants identify the best solutions and implement innovation. Focusing on outcomes for customers, operational excellence, proportionality, robust governance and strong stakeholder management

Why Square 4?

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.

FAQ

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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