What they neded
A team to review advice given on Unregulated Collective Investment Scheme (UCIS), then propose and deliver appropriate redress and communication activity according to the findings.
How we helped
Momenta was appointed to undertake a sample case review of files containing UCIS holdings:
Assess guidance given by advisers
Determine whether further action was appropriate
Advise what form this should take
We were also tasked with advising on the future redress policy and process for customers. Momenta deployed two experienced professionals: one to manage the project and the other as a subject matter expert.
Once the project processes were designed and approved, further Momenta case review analysts were appointed. The Momenta associate team:
Designed the review process
Agreed calibration standards for triggers used to drive outcomes
Advised the project Steering Group on progress and findings
Supported client meetings with the Regulator
The result
The extended sample was completed within the target timescales, achieving 98% first time Quality Assurance approval. Momenta’s input into the plan for the wider review and calculation of redress enabled our client to reduce costs and meet the requirement faster.
The plan received Regulator approval and the wider review then commenced. Momenta case analysts reviewed the remaining files and calculated redress payments, based on the principles agreed.
