If you suspect, or Management Information (such as Complaint trends) is suggesting, that a product or process may have led to unintentional customer harm or indeed, if the regulator has expressed concerns over your firm’s previous business processes, undertaking a review of past business can reveal exactly where an issue lies, and allow you to make steps to remediate it and put it right.
LHI Consulting can support you by assessing past business from a regulatory perspective, customer experience point of view or just a good old process improvement angle, which will allow us to provide either positive assurance, or recommendations for further action.
We have helped many firms identify and quantify issues in terms of the level of harm suffered and, subsequently, the extent of any remediation required. We’ve also supported firms in re-engineering their processes, policies and products, to work towards their customers receiving good outcomes and reducing the chances of them have a poor customer journey or experiencing harm.
4 Simple Steps
Step 1 – Review
Our regulatory experts will complete an independent assessment, providing clarity on the options available to your firm. We are experienced in supporting effective and productive interactions with the regulator where this is needed. If poor outcomes are not identified then there is no need to move to steps 2, 3 and 4.
Step 2 – Identify
The affected population needs to be accurately identified in order to assess the issue and enable you to understand the impact. Full evidence of all activity will be completed to identify those tranches of customers, including the rationale for any exclusions.
Step 3 – Design
Our approach focusses on cost-efficiency, compliance and proportionality to past business review and remediation. We will recommend the right level of resource, delivered on an outsourced or ringfenced model depending on your specific needs.
Step 4 – Remediation
It’s imperative that you have clarity on any remediation activity required and remain confident that good customer outcomes are achieved. As a result, we provide tailored management information which allows you to focus on how the exercise develops, as well as ensuring there is appropriate rigour to governance.
Partnering with LHI Consulting
What can you expect from teaming up with us?
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