There continues to be a huge amount of regulatory, media and consumer lobby attention related to the ‘quality of advice’ given by the industry. Initially, the focus was on pensions’ mis-selling but, more recently, the emphasis has shifted to the mis-selling of endowment policies with mortgages and investment products such as ‘Precipice Bonds’.

For many financial services companies the quantity of work required to tackle these issues is onerous and effective processes may be missing. Without a regular process to review standards and quality of output, their level of risk management may be deemed inadequate by the regulator.

Outsourcing these functions is now commonplace, but, doing so, requires scrupulous assessment of a prospective outsourcing provider’s ability to cope with volume and to meet defined quality standards. 

How we can help

Momenta handles 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 supply resource for the following roles:

• Procedures development
• Systems/database design and implementation
• Project manager
• Team leader
• Quality assurer
• Decision maker
• Data gatherer
• Administrative support