We’ve undertaken a number of Skilled Persons reviews involving reviews of past business. In addition, we’ve been instructed by clients to undertake less contentious, self-initiated reviews of past business for forensic or investigative reasons.
Our Investments Team members have experience from across the industry, either gained at ‘big four’ consulting firms or during their time spent with the regulator.
Our Skilled Person work includes:
- a review of systems and controls of a retail stockbroking firm
- two distinct reviews of the suitability of wealth management propositions
- a review of specific financial advice and the complaints handling department of a large IFA network
- and a review of past sales of specialist mortgage contracts to determine compliance with sales standards.
We’ve carried out customer contact exercises (by post and by phone); exceeding both client and FCA expectations in terms of successful contact rate. This was attributable to our innovative approach to tracing ‘gone away’ clients and our sensitive and personal handling with each client contacted.
We’ve also conducted and overseen the redress phase of past business reviews, including design of redress methodologies and critical review of the payment of redress (including monitoring of redress method and speed). Our most notable example involved developing a new approach to redress for products that have not been redressed in the marketplace before, and as such we were subject to intense client, legal and regulatory scrutiny to ensure customers interests at all times were balanced appropriately with those of the firm.