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.
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.