The challenge

A leading insurer was subject to enhanced FCA scrutiny following failures in treating customers fairly and complaints handling. Our client was feeling the pressure. It needed to show how it planned to address the FCA's concerns, but lacked the resource and expertise in-house to do it. We suggested augmenting the in-house compliance 
monitoring team with our support and oversight, upskilling the team in the process.

Our Solution

The essential first step was to put together a clear action plan. This covered independent
assessments of our client's processes, procedures, systems and controls. We knew that business-as-usual (BAU) quality assurance monitoring, along with broader thematic conduct risk reviews in line with the firm’s annual compliance monitoring plan, would ease the FCA's concerns. 

Working collaboratively with the compliance monitoring team and key stakeholders, we conducted on-site and desk-based reviews, including: complaint quality assurance, third party due diligence, financial promotions, digital communications, post-sales servicing, product governance, conflicts of interest and whistleblowing, training & competence, GDPR, fees & charges, smarter communications, vulnerable customers, and regulatory notifications & reporting​.
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We immediately unearthed some key non-conformances that were driving poor customer outcomes. Taking a proactive approach, we gave recommendations for how our client should amend policies and procedures to address the weaknesses, introduce industry best practices and ultimately, provide better experiences and outcomes for customers. As a result, the FCA was satisfied with the improvements our client had made and reduced their supervision. Not only that, but our client saw increased customer satisfaction and loyalty as a result of an improved customer journey.

The TCC difference

• With the help of our expertise, our client improved the quality of its compliance monitoring. Not only did this keep the regulator happy, but reduced the risk of future non-conformances, saving our client from expensive regulatory action further down the line.
• We link culture and compliance to drive commercial success. We ensured our client's business was fit for the future by recommending changes that would improve the customer experience and, ultimately, drive customer loyalty.