Our client, a global insurance broker, had a number of Regulatory challenges 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 Hydrogen to provide an independent view on progress, with a focus on early intervention/remedial action.
We aimed to deliver Regulatory Change to the business, removing the enforcement and leaving a framework for the future. We supplied a fixed price team to review over 5,000 high net worth, high individuals, many from high risk jurisdictions.
The team was led by a Programme Director and included:
3 Project Managers,
3 Business Analysts and
1 PMO Manager
A Robust Programme Governance Framework was agreed by, and reporting up to, the Board, assuming the delivery liability at a fraction of the Big 4’s cost. We mobilised a team of eight, and fully scoped the project and delivered change to the business within just two months.
ABC Skilled Person (S166) Review successfully delivered
FCA enforcement findings were addressed, all enforcement actions stopped
The work was signed off by the FCA
The project was completed in 15 months, to budget
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 competitive quote, and preventing a £150m fine