Integrating FCA and Ofgem approaches to Conduct Risk

Integrating FCA and Ofgem approaches to Conduct Risk

A large utilities provider which provided wanted to integrate its approaches to monitoring Conduct Risk across sales, customer services and complaints handling under both Ofgem and FCA regulation. It sells energy and related financial services insurance and consumer credit and wanted a common approach to monitoring how customers are treated.

The aim was to simplify its procedures and focus on customer outcomes and key Conduct risks. It also wanted to train all monitoring staff in its core principles and provide consistent management information and reporting to senior management.

We used our best practice benchmarking toolkit to review current approaches and worked with specialists in each area to identify ways in which they could be integrated without ignoring some of the key differences between the products and markets.

We partnered with the client providing advice and independent review as it integrated its approaches covering policy, process, staff training, management information and governance. As well as these specific improvements, a new culture resulted focusing on customer outcomes rather than the previous checklist-based and bureaucratic approach.

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