Voluntary requirement lifted after a full remediation programme

The challenge

MEMA was instructed by the firm following FCA supervisory feedback and a voluntary requirement connected to retirement income advice, with 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 MEMA 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
• Uplifted quality assurance and prepared the evidence needed to demonstrate the improvements were completed and embedded

Timeline

The requirement was lifted after a 9-month remediation programme.

Outcome

The voluntary requirement was lifted.