Consumer Duty: FCA review highlights risks for motor insurance customers
FCA outlines new expectations for motor insurers following claims handling review
Risk diminished with strengthened customer due diligence
A leading global bank was coming under regulatory scrutiny on its AML processes. To understand the scope of the problem and ensure it could stand up against FCA investigation we recommended the bank review its customer due diligence procedures. Independent assurance was a must in this case. Trusting our expertise, our client asked us to undertake a comprehensive review.
Because of our deep understanding of FCA standards, we knew our review needed to consider both the initial customer due diligence undertaken and also the process for monitoring the ongoing client relationship and transactions. We took a phased approach:
We left no stone unturned. And thanks to the depth of our review, our client had a complete view of their customer due diligence processes, inherent weaknesses, and the outcomes they resulted in. We then suggested a number of improvements they could make to ensure their processes could stand up to regulatory scrutiny and reduce risk.
“Thanks to our comprehensive review, our client gained a true picture of their risk.
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