Financial Services Remediation Reviews

Resolve Evolve is a team of banking remediation specialists with decades of experience in financial services, and 10 years experience designing and managing large-scale, multi-year financial services remediation programs. 

For over a decade we have led financial services remediation programs in the UK and Australia for some of the industry’s largest financial institutions as well as having helped small businesses by providing remediation as a service (RaaS). Two of the four programs we were involved in at the Royal Bank of Scotland (RBS) part of the NatWest Group were the largest in UK history.

The major financial services remediation programs our team has supported in terms of operational delivery are as follows:

Australia - Commonwealth Bank of Australia (CBA) 

1. Customer Services Remediation (CSR) Program

CBA’s aligned adviser financial advice fees for no service remediation program to remediate customers who were charged fees for financial advice services that were not provided (i.e. ongoing service delivery failures), Financial Disclosure Statement (FDS) errors and Renewal Notice (RN) errors.

2. Quality of Advice Review (QAR) Program

CBA’s aligned adviser quality of advice remediation program to remediate customers where the financial advice provided by aligned advisers was deemed inappropriate and not in the best interests of the customer. 

United Kingdom - Royal Bank of Scotland plc (NatWest Group)

1. Interest Rate Hedging Product (IRHP) Remediation Program

A remediation program to review the sales appropriateness of IRHPs by the Bank to non-sophisticated customers between 2001 and 2013. RBS’s IRHP remediation review was one of the largest in UK history involving 1,000+ resources and was an industry-wide issue driven by the Finacial Conduct Authority (FCA).

2. Global Restructuring Group (GRG) Remediation Complaints Process

A remediation program to review the treatment of small and medium-sized enterprise (SME) customers referred to GRG between 2008 and 2013 after serious allegations were made against RBS of systemic inappropriate treatment of customers once transferred into GRG. This generated significant public and media interest and potential for significant brand damage.

3. Enterprise Finance Guarantee Scheme (EFG) Remediation Program

A remediation program conducted to review mis-sold taxpayer-backed loans to small businesses. Specifically this dealt with potentially misleading SME customers on debt repayment obligations in relation to a government backed investment scheme.

4. Ulster Bank Ireland (UBI) Tracker Mortgage Examination (TME) Remediation Program

The largest and most complex consumer protection review ever undertaken by the Central Bank of Ireland (CBI) which involved the mis-selling of customer tracker mortgage products across 13 major lenders in Ireland. Mis-selling issues included borrowers who switched from their tracker rate and/or lost their right to revert to a tracker rate when they came to the end of a fixed-rate period on their mortgage being forced onto a standard variable rate product subsequently resulting in customer defaults.

In partnership with Oceanic Consulting Group (OCG) we are leading subject matter experts in financial services remediation in Australia.