We immediately realised that the review and loss calculation methodologies that we’d inherited weren’t up to scratch. Redress calculations hadn’t been tested and there wasn’t sufficient data to properly calculate redress in any case. What’s more, process inefficiencies meant there was a huge backlog of unclear cases waiting for product provider details.
We completely redesigned the core workstreams and end-to-end processes to get the project moving. This included:
- Changes made to the calculation methodology by our experienced actuarial team
- Introduction of a triage process to improve the data set
- Adaption of the review methodology to cut out inefficiencies, having identified the four key unsuitable outcomes
- Building a bespoke workflow technology solution to manage caseload, improve efficiency, and provide full MI reporting.
With the new processes agreed with the client and FCA, we rolled out a training programme for project staff to ensure the highest possible standards, as well as drawing on our large pool of contractors to augment the existing team when needed.
Our innovative approach and focus on finding efficiencies meant that once the project was underway, we reviewed a total of 22,000 cases and calculated £13m of redress within the 18 month timeframe, wrapping the project up as quickly as possible for our client and meeting tight FCA deadlines.