Voluntary requirement lifted after a 9-month remediation programme
After FCA supervisory feedback, an advice firm was under a voluntary requirement on its retirement income advice. MEMA ran the remediation programme, and the requirement was lifted.
- LiftedVoluntary requirement
- 9 monthsRemediation programme
The challenge
The firm came to MEMA after FCA supervisory feedback and a voluntary requirement on its retirement income advice. It had regulatory criticism to address before the requirement could be lifted.
Regulatory context
A voluntary requirement (VREQ) tied to retirement income advice, requiring a structured response covering suitability, target market and vulnerable customer expectations.
What we did
- Designed the action plan responding to the FCA's supervisory feedback
- Built the file review methodology and enhanced the suitability process
- Developed target market documentation and risk profiling
- Built out the decumulation framework and vulnerable customer arrangements
- Strengthened quality assurance and prepared the evidence showing the improvements were complete and embedded
The outcome
The voluntary requirement was lifted.
A 9-month programme, from the action plan to evidence that the improvements were embedded.
Client details are presented to protect confidentiality. Outcomes reflect specific engagements and are not a guarantee of results, as every firm's circumstances differ.
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