A leading UK retail bank pension compliance review
The task
A comprehensive proactive review of 54,000 pension scheme transfers, to identify possible non compliance and speed up the Bank’s communication with customers who might be at risk.
The solution
Momenta was engaged to contribute to a pilot programme that involved testing of all proposed operating procedures. We were then selected to provide expert operational teams with the capability to:
- Review the cases – both simple and complex
- Develop processes and procedures for the main review and for remediation
- Provide expert technical support for difficult cases
- Manage and supervise the workflow
- Develop customer communications. At its peak, the Momenta team numbered 150 people
The outcome
At the completion of the project, all customers who suffered financial detriment received compensation in accordance with both the client’s values and the Regulator’s requirements. As a result of the successful delivery of this project Momenta were awarded two further pieces of work – both of which have been delivered on time and on budget, and were viewed by the client as ‘model’ remediation projects.
“At the completion of the project, Momenta were awarded a further two pieces of work and viewed by the client as ‘model’ remediation projects.”
- 54,000 pension scheme transfers reviewed
- 150 Momenta Associates on project
