Advised an international private bank on its branch licence application in the UK and its current approach to Consumer Duty compliance

The Firm is a full service Private Bank for High Net Worth customers. We advised them on their application for a UK Branch Licence. We also reviewed the Firm’s approach to consumer duty and customer engagement.

We worked on-site with the Firm and met with key stakeholders across Front Office, Finance, Risk, Comliance, Operations and HR to consider their current business model and the proposed serices to be provided in the UK.

We drafted a full business plan, rationalising both the UK offering and the purpose of the application, providing the Firm with a detailed document for their use with UK (or other) regulatory bodies.

We reviewed the Firm’s approach to consumer duty, focussing on its data, reporting and client documentation. This report identified some further opportunities for the Firm to enhance and streamline its approach. The improvements being made by the Firm were incorporated within the business plan.

The Firm was provided with a thorough business plan and road map to improve its approach to consumer duty compliance.