Our client, a global insurance broker, had several regulatory challenges to overcome, including 11 Risk Mitigation Programme (RMP) actions; a Section 166 review; an enforcement; and additional commitments to the FCA. To mitigate and resolve these actions, they appointed us to provide an independent view on progress, with a focus on early intervention or remedial action.
We mobilised a team of eight specialists to fully scope the project and to deliver regulatory change to the business within two months, remove the enforcement and leave a robust framework for the future.
The team comprised of:
1 Programme Director,
3 Project Managers,
3 Business Analysts,
and 1 Project Management Office (PMO) Manager.
We reviewed over 5,000 high net worth, high risk individuals, many from high risk jurisdictions at a fraction of the Big 4’s cost.
ABC skilled person (S166) review successfully delivered
FCA enforcement findings were addressed, all enforcement actions stopped, and the work was signed off by the FCA
Delivered a legacy without dependency to manage regulatory issues and initiatives going forward
The project cost £1.5m to deliver, saving 41% versus the next competing quote and prevented a £150m fine