Services for IFAs
Remediation Exercises
Expert, independent support for past business reviews and remediation programmes from initial scoping through to client communication and redress.
Remediation done properly
When a firm identifies a systemic advice issue whether through its own review, a complaint pattern, or regulatory pressure, a well-run remediation exercise is essential. Done well, it limits liability, demonstrates good faith to the regulator and delivers fair outcomes for clients.
Verstehen provides end-to-end support for remediation exercises of all sizes. We bring the independence, expertise and capacity to run the process properly from scoping the population through to calculating redress and communicating with affected clients.
What we provide
Scoping and population identification
Defining the scope of the remediation exercise, identifying the affected client population, the relevant advice period, and the criteria for inclusion with a clear, documented methodology.
Case assessment
Independent review of individual cases within the remediation population assessing whether the advice was suitable, identifying the nature of any failing and determining the appropriate outcome.
Redress calculation
Calculation of redress for affected clients in accordance with FCA guidance and applicable methodology ensuring consistency, accuracy and a clear audit trail.
Client communication
Drafting and review of client communication letters ensuring they are clear, fair and compliant with FCA requirements and that they explain the outcome and any redress in plain language.
Regulatory reporting support
Support in preparing regulatory reports and updates on the remediation exercise ensuring the FCA receives accurate, timely information and that the firm's approach is clearly evidenced.
Quality assurance
Independent quality assurance of remediation work carried out by the firm or a third party providing an additional layer of oversight and confidence in the consistency of outcomes.
Structured, consistent, fair
A remediation exercise is only as good as the methodology behind it. We design and apply a consistent, well-documented approach that produces fair outcomes for clients and can withstand regulatory scrutiny. We work at pace without compromising quality.
- Clear, documented methodology from the outset
- Consistent case assessment across the full population
- Redress calculations aligned to FCA guidance
- Full audit trail throughout the process
- Scalable from small thematic reviews to large programmes
- Experienced in FCA-supervised remediation exercises
Need to run a remediation exercise?
Whether you are at the scoping stage or already mid-programme, we can help. Get in touch to discuss the scale and nature of your exercise.