Client Wins
> Quick validation of their results
> External actuarial ‘sign off to give all comfort the remediation was correct
> All affected consumers received redress
Loan Interest Redress for a Loan Provider
Project Length:
3 months
Other Stakeholders:
Consumers, FCA
Background
Our client had miscalculated the interest due on a loan book and was looking to rectify the situation.
They had used internal resources to produce a model to do so. They were looking for a partner to provide quality assurance on this work and to give the FCA comfort that appropriate redress had been calculated and paid.
Engagement
On instruction we acquired the data used by the client and assessed the quality.
Based on our assessment, we built the appropriate model to calculate the redress and to validate the client’s model.
We reported our findings in a formal actuarial report giving the client that quality assurance they wanted.
The report was shared with the FCA.
We carried out quality assurance on the final individual payments to each consumer.