Conducting a consumer-first remediation

In today's financial services industry, ensuring a consumer-centric approach is more important than ever before. The volume of remediation activity is likely to increase from already high levels within the financial services sector, driven by a myriad of reasons such as process errors, questionable pricing strategies, challenges with legacy systems and the increasing levels of migration to a digital customer experience. Our Risk Consulting team explores the key principles of remediation in our report below.

Regulators in many markets including Ireland are raising their expectations of the efficacy of remediation execution and heightened consumer expectations are also adding increasing pressure to firms.

However, conducting a consumer-first remediation is not always straightforward. A consumer-centred remediation requires deep thought about the problem and puts the interests of consumers at the heart of each stage of the remediation process. A consumer-centred remediation must be fair to consumers in all circumstances and make the process easy for customers.

In this piece, we will explore 10 key principles for conducting a successful consumer-first remediation in financial services, which are adaptable, scalable, and designed to make all remediations consumer-centric and deliver positive outcomes. Each of these principles are underpinned by KPMG-developed proprietary frameworks, methodologies and technology that can be deployed to support any restitution.