What they needed
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 deployed a project manager, an SME and a small 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
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 full review project including:
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
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 allocated project budgets.