GD Financial Markets, part of legal and professional services firm Gordon Dadds has partnered with data company Dufrain to launch a redress and remediation service.
The new offering will look to help organisations address increasing pressure from regulators and consumer groups, ensuring they treat customers fairly and comply with legislation, such as the Consumer Credit Act (CCA).
The idea behind the partnership was to bring together management consultants and lawyers, with those who focus on data in order to identify compliance gaps and support bespoke remediation activities.
Paul Saunders, partner of GD Financial Markets, said: “Mis-selling and technical breaches of regulations such as the CCA have resulted in consumer repayments in excess of £30bn over the last five years. The financial, and reputational impact, of non-compliance is significant.
“All firms must be able to show consistently that fair treatment of customers is at the heart of their business model. It is the responsibility of senior management to not only establish the right culture that converts good intentions into fair outcomes, but to also attest that customer accounts are compliant.
“The combined expertise of our team uniquely places us to identify and remedy non-compliance issues. At the same time, we have structured our offering in such a way that we are able to provide a more modular service, dealing with specific areas as required.”
Jay Parekh, managing director of Dufrain, said: “Our experience of redress and remediation programmes has proven that organisations need to assess current systems, processes, policies and data to identify the affected customers and extent of financial impact. Complexity of remediation programmes rapidly increases as multiple systems and datasets across the organisation are reviewed.
“We have found that key data aspects are often omitted, not fully understood or under-appreciated which can result in delays, rework and further detriment to customers as well as increased programme costs.
“Furthermore, the pace and level of accuracy required in remediation programmes is significantly underestimated. Our partnership and approach brings together key remediation skills and experience, providing a proactive, flexible and expert team to drive bespoke and responsive solutions.”