Remediation, Redress & Section 166
From time-to-time regulated firms must take corrective action to put things right for groups of customers who have not received fair treatment. This can be when firms have proactively identified failings, in response to FCA updates or, in more serious cases, under a ”Section 166”. Remediation must be done properly otherwise the FCA can insist that it is done again, and take further enforcement action. The regulator also expects firms to learn from remediation exercises, identifying and fixing historical problems so they don’t happen again in the future.
Remediation is a retrospective process where a firm investigates customer cases and issues compensation (redress) to customers who have not received fair treatment. These activities must be carried out by experienced case handlers with robust processes to ensure they are objective, impartial and fair. In some situations, the issue under review may affect only a handful of customers, whereas others may have affected large numbers of customers over a long period of time.
Not only may remediation activities demand specialist expertise to set-up and manage, they are also likely to be beyond normal staff levels. CCAS can provide the capability and the capacity to undertake these kinds of projects. We can ensure that you have the right people and the right processes, quickly scaling up and remaining flexible to meet your changing needs.
For many of our clients we provide a fully managed service. This includes everything from programme design and set-up through to delivery and performance management. CCAS can also ensure that learnings are used to mitigate future failings. Taking this approach means that you can be confident that your remediation programme is up to regulatory rigour and carried out most efficiently.
To find out how we can help you with remediation, get in touch with us today by clicking the button below.
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