The Central Bank of Ireland (“CBI”) has recently advised banks and insurance companies to tackle widespread errors on customers' accounts that have resulted in systematic overcharging, duplicate payments, errors in how customers' money is invested and failures to apply discounts, rebates and refunds.
In a letter issued to all firms in the banking sector, the CBI stated that banks “...must ensure also that refunds, where they are to be made to customers, are calculated correctly and applied to customers in a timely manner”.
We have developed a proven methodology to assist institutions that are required to enter into a remediation project as a result of such errors. We have built this methodology from our extensive experience on remediation projects in the Insurance and Banking industries, including working on a number of Payment Protection Insurance (“PPI”) remediation projects and the performance of numerous Consumer Protection Code (“CPC”) reviews, spanning across areas including:
- Tax relief at source
- Client fund segregation and premium accounts
- Interest over-charging
- Deposit interest recalculations
- Problem definition
- Identify impacted customers
- Create remediation methodology
- Communication with customers/Central Bank
- Calculate redress amounts using automated tools
- Embed best practices into business CPC gap analysis
- Experience with Consumer Protection Code and interacting with Central Bank
- Dealing with "Big Data" (SQL, Java, Excel, Access, etc.)
- Project managing and performing large scale customer file reviews
- Automated solutions for identifying impacted customers and building redress models
- Root cause analysis and policy and control recommendations
- Review of redress and communication policies
- Awareness of your brand, reputation and customer concerns
- Our technical skills (SQL, modelling, programming) ensure we can deal with Big Data
What's in it for you?
In a challenging market, brand reputation and customer loyalty are key considerations; we can assist you in addressing and preventing such customer-related errors:
- Remediation Project Delivery
Delivering entire remediation projects from planning, risk assessment and scoping, determining affected customer segments / cohorts, developing and implementing review strategies and approaches, defining customer communication strategies and implementing redress policies.
- Remediation Project Assurance
- Performing reviews of remediation projects and providing comfort letters that population of accounts are correctly identified, overcharge amounts are correctly calculated and compensation amounts are appropriate and in line with CBI and CPC guidelines
- Performing follow up reviews post CBI inspections to assist in the remediation of any issues noted
- Future Proofing
- Reviewing your processes and procedures to ensure compliance with the CPC using regulatory, internal audit and modelling specialists
- Performing pre-inspection reviews of any areas noted by the CBI that may be of concern, including themed inspection areas
Contact us today to find out how we can help you with your remediation needs.