Business Monitoring (Business as Usual / Past Business)
Your resource is valuable but can be expensive.
Let us take the headache out of recruiting, training and managing a business monitoring unit. With our flexible resources available to work on your site or in our Operations Centre we have a solution to suit every budget.
We can design and build solutions to report the results of monitoring – from databases to reporting forms.
The teams we supply are industry professionals with monitoring experience across all product areas.
Give us a call on 020 7645 8808 or email info@theconsultingconsortium.com and find out how we can help you
For your information we have include below details of BMU services available from our Operations Centre:
Summary of Service:
TCC can provide clients with all the services expected of a business monitoring unit (BMU) from its Operations Centre in Leeds. The Operations Centre is staffed with individuals holding the appropriate financial services qualifications.
The activities of a BMU include the following:
- Case Selection
- File Retrieval
- Case Review
- Feedback
- Remedial Action management
- Quality Assurance
- Appeals against Review Grades
- Reporting and Management Information
- Ongoing review of internal Business Standards
CASE SELECTION
TCC recommends that to ensure the independence of a BMU the selection of files for review in each month is dealt with by the Operations Centre. Selection is risk based using criteria agreed between TCC and the client; however any selection criteria is likely to include some if not all of the following factors:
- Type of Product sold
- Amount of investment
- Amount of commission earned
- Adviser qualifications/familiarity with product
- Age to retirement (Pensions and other long term investments)
- Advisers existing review results
FILE RETRIEVAL
Once cases have been identified for review TCC would request these files from the client; dispatched either electronically or physically to the Operations Centre. These cases would be transferred to TCC in a ‘ready to review’ state.
CASE REVIEW
TCC recommends the use of the Financial Services Authority (FSA) checklists for pension switches and structured products. Additionally TCC has adapted these to allow checking of esoteric, investment and mortgage products by identifying potential ‘unsuitable outcomes’ that may be utilised to provide consistent review standards.
However TCC also recognises that clients may already have existing business monitoring standards in place and can confirm that the BMU can adopt these standards if required.
FEEDBACK
TCC will work with a client to provide feedback to the sales force in the most effective and timely manner. The recommended method is to provide the review form with action points for remedial action (if required). Further development of standards prior to implementation of any project would be required.
REMEDIAL ACTION MANAGEMENT
TCC is happy to manage the remedial action process for a client if required. This will allow a client’s senior management team to have comfort that recommended remedial work is undertaken by advisers in a timely and accurate manner. In some cases remedial action will only require the updating of a sales file; however there will be occasions where further customer involvement is required and it is important for the client to ensure that there are clear audit trails to identify when action has been taken and how successful it was. TCC and a client would agree the standards to be attained in actioning remedial action prior to the implementation of a project.
QUALITY ASSURANCE
TCC employs its own quality assurance team to monitor the standards of work carried out by staff based in the Operations Centre and results would be made available to a client during the project period to confirm the quality of the team.
APPEALS AGAINST REVIEW GRADES
It is possible that once a review has been completed an adviser may feel that an appeal against the grade is appropriate for whatever reason. TCC management information will provide a client with the required information for training and competence files for advisers and the results may cause advisers to react to the grades given.
It is recommended that appeals are only allowed where a file has been deemed as an unsuitable sale to a customer. For procedural errors and omissions TCC recommend that these are treated as training issues only.
To have an unsuitable sale review appealed an adviser would have to prove that there was sufficient evidence that had not been available when the review took place that could have an impact on the grade decision. TCC and a client would discuss the parameters of any appeals process prior to implementation of the project.
REPORTING AND MANAGEMENT INFORMATION
Reports on results can be provided to a client’s senior management on an agreed basis and in an agreed format. Further discussions as to the most appropriate reports required would take place prior to implementation of any project.
ONGOING REVIEW OF INTERNAL BUSINESS STANDARDS
TCC would provide regular feedback to identify trends and issues relating to products, sales process and advisers to assist with identifying training needs.
Where required TCC would also aim to suggest process improvements to assist in achieving greater controls and quality standards.
Other issues that TCC can confirm for any project:
SCALABILITY
TCC operates a flexible model to allow both increases and decreases in volumes as a client’s business dictates
DELIVERY AND MANAGEMENT
Prior to commencement of any project a client and TCC would agree the service standards to be achieved. Once agreed TCC would then manage its resources to ensure that these service standards are consistently met and would be responsible for providing suitable resources to meet these standards.
OVERSIGHT
The service offered would be completely transparent aiding oversight by a client. TCC would appoint an Account Manager to manage the relationship with a client who will report regularly. The details of reporting would be defined before commencement of any project.
In addition; TCC operates an ‘open door’ policy for clients and would encourage client management to visit and interact with the review team in the Operations Centre.
To find out more please call 020 7645 8808 or email info@theconsultingconsortium.com