Project Description

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.

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