The Role Systems Have in Ensuring Compliance
-
Upload
nostrumgroup -
Category
Technology
-
view
130 -
download
0
Transcript of The Role Systems Have in Ensuring Compliance
The Role Systems Have in Ensuring Compliance
Richard Carter
Chief Executive
Nostrum Group
Contents
• Context
• Where technology can help
• Diversification
• What now?
FCA Objectives
“…make markets work well.”
“...firms to put customers at the heart of their business.”
FCA Powers
“...robust approach to tackling problems...”
“...robust action...”
Technology – the loan
Origination
•Affordability
•Identity
•Loan documentation
Technology – the loan
Servicing
•Record everything
•Move to self service
•Service standardisation
Technology – the loan
Collections
•Flexibility and data analysis
•Self service
•Detailed notes
•Case segmentation
Technology – Reporting
• Invest in strong analytic capability
• Refine underwriting – risk based pricing
• Review CPA policy and timing
• Reporting back to FCA
Conduct
• Train staff and keep records
• Segregation of duties
• Accessible internal policies
• Appraisal and audit
• Define and follow the complaint process
Complaints
• Monitor social media and consumer forums
• Update the system with outcomes
• Evidence root cause review
• Fair redress and compensation
Diversification
Inside the definition
•Instalment loan with customer
friendly early termination• single assessment• more affordable• lower monthly payment aids CPA
•Change payment approach
Diversification
Outside the definition
•Guarantor loan
•Asset backed loan
•Innovate
What Now?
• Respond to the FCA consultation – 3rd December
• Work with your trade association
• Prepare
Richard Carter
Chief Executive
@NostrumGroup
www.nostrumgroup.com