The task
When the Regulator, as a result of thematic review activity, highlighted serious risks for investors in Unregulated Colective Investment Scheme (UCIS) funds we were caled upon to assist with a series of investigations to establish the extent of exposure, and risk, within businesses that made up the wealth management division of our client, a major composite
financial services institution.

The solution
Momenta deployed a project manager, an SME and a smal review team in order to implement a ‘pilot’ sampling review across the business portfolio which included:

Assessing the guidance given by advisers Determining whether further action was appropriate Advising on what form any action should take Designing a review process and a set of standards that were subsequently presented to and approved by the regulator adopting a pragmatic approach to case selection and review scope Creating a redress calibration and calculation model fit for Regulator sign-off

Once the above had been agreed Momenta created a project delivery plan, and sourced an appropriately ski led team of reviewers; which included a customer communications lead, review team leaders and a quality control function. Alongside the review resources Momenta also put in place a redress calculation function. a management information pack
and a reporting dashboard.

The pilot exercise established that across several firms, there was a systemic advice issue that needed to be addressed, and Momenta were appointed to set up and deliver a fu l review project.

A big chalenge in designing the appropriate review and remediation scheme was that, at the time, there had been no precedent set for the review of UCIS sales and advice in the industry – a chalenge that the Momenta team embraced, took forward, and solved by:

The outcome
As part of the programme governance, a professional services firm was engaged to provide external validation of both project progress and case outcomes.

The momenta team maintained a quality standard on case outcomes above 98% throughout the review. In addition the project was completed on time and within a located project budgets

“Momenta supplied an experienced team of review specialists who have met a l of the project requirements and more, delivering timely and right first-time outcomes that have contributed significantly to the overa l success of the project”