Rectification and Redress Services

Rectification and Redress Services

Regulator Requirements

Financial Services regulators are requiring firms to investigate and provide redress in a wide range of complex customer failures.

Remove unnecessary stress

Identifying historic failures, decide on complicated policy and treatments to deliver redress and managing and resourcing these projects while also running business as usual can be destabilising and costly.

Delivering these projects well gives regulators confidence in your on-going business and can also demonstrate to your customers how important treating them fairly is to you.

Structured around choosing the right customers

It is essential that your approach to rectification and redress projects is carefully structured and ensures that the right customers get the redress they deserve. You need expert partners with deep technical and regulatory understanding who can lead these complex projects and provide assurance to senior management, regulators and auditors.

Enterprise Learning specialises in helping regulated organisations carry out Complex Rectification Programmes to review historic cases and implement redress strategies where needed.

Complex Rectification Programmes (CRPs), although smaller in size than other case reviews, pose unique challenges for clients and we specialise in helping clients manage these programmes.

“Skilled Persons” Reviews

Enterprise Learning is on the FCA and PRA panels of ‘Skilled Persons’ and able to carry out independent Section 166 reviews and investigations in all Conduct of Business areas. Sectors covered include Insurance, Banking, Investments, Consumer Credit and Mortgages.

Download our guide to Rectification Services

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Find out more about how we do this, take a look at our case studies

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Enterprise Learning were engaged following a negative audit which indicated that some treatment of arrears cases for mortgage customers had been incorrect and potential detriment caused to customers.

Our first phase was to investigate further the outcomes of the audit and to validate whether there was a problem, the populations affected and the possible scale and nature of potential redress. We did this through reviewing a sample of arrears cases and reviewing the arrears management policy, processes and treatments employed. We established a case review methodology which was agreed with both the bank and the regulators.

  • Complex cases which require individual reviews
  • Potentially high levels of detriment
  • Compensation calculations that draw on a range of information about client circumstances
  • ‘Treatments’ which are not formulaic and need to be applied accurately by the case reviewer
  • Case identification based on a range of ‘markers’
  • Developing innovative policy and treatments which may have few regulatory precedents
  • Advanced training and Quality Assurance frameworks
  • Case reviewers who need experience and advanced technical expertise
  • Supporting clients through FCA or Skilled Persons’ reviews
  • Carrying out Skilled Persons reviews
  • Supporting clients in responding to FCA Risk Mitigation Plans (RMPs)
  • Sampling cases to determine detriment
  • Advising on redress strategies and treatments
  • Drafting review policy and guidance
  • Training, assessment and quality assurance for rectification programmes
  • Managing and resourcing complex rectifications
  • Providing specialist rectification reviewers

For more information about our services contact us on

+44 (0) 1444 411416

Or Email Us

We can work with you, third parties or regulators to define an effective strategy for carrying out the rectification, partner with you on implementation and monitoring and provide expert reviewer resource.

OUR CLIENTS

AWARDS

WINNER: Best Customer Services – Compliance Register Awards 2016


FINALIST: Best Training Provider – Compliance Register Awards 2016

FINALIST: Best Business Development Project – British Excellence in Sales & marketing Awards (BESMA), 2016


WINNER: Best Consulting Firm of the Year – Thompson Reuters Awards 2011

WINNER: Best Consulting Services – Compliance Register Awards 2007


WINNER: Best Training Services – Compliance Register Awards 2006