There has and continues to be a huge amount of regulatory, media and consumer lobby attention around the ‘quality of advice’ given by the industry over the last fifteen years, initially around the mis-selling of pensions but more recently around the mis-selling of endowment policies with mortgages and investment products such as ‘Precipice Bonds’.
The internal systems of many financial services companies find it difficult to cope with the quantity of work generated and have therefore not managed to achieve adequate quality in the standard of review undertaken. This itself has resulted in large number of customer complaints, which the industry has not been able to manage.
The outsourcing of these functions are now commonplace. As a result, coping with volume and meeting defined quality standards are the key determinants in selecting an outsourced provider.
How we can help
Momenta can handle the following components of the Endowment Complaint handling process either on a seconded resource or fully outsourced basis
- Acknowledgement
- 4 and 8 week letters
- Data gathering
- Decision making
- Redress calculations
- Final decision letter drafting
- IFA and PI Insurer liaison
- Settlement
We can supply resource for the following roles:
- Procedures development
- Systems/database design and implantation
- Project manager
- Team leader
- Quality assurer
- Decision maker
- Data gatherer
- Administrative support
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