A tier-2 investment bank

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Undertaking an in-depth review of processes and roles to meet conditions for FCA submission deadline

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BUSINESS CHALLENGE

After a period of rapid growth post-credit crunch, a tier-2 investment bank needed to prepare its CRV-IV (CAD1) renewal application to the FCA. As the deadline loomed larger, it became increasingly clear to bank executives that they did not have the expertise required to undertake the review and implement the necessary changes to ensure compliance with the regulation ahead of the deadline.

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SOLUTION

A key member of the Calibrate team was installed as an interim Head of Product Control for equities, wealth management and asset management. Staff skills were assessed to ascertain development needs, and roles were redefined with full retraining provided. Day-to-day processes were reviewed to ensure unified, cohesive responses across operations, IT and senior management, and to identify and address any urgent issues.

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OUTCOME

In just 6 months, Calibrate successfully completed an in-depth review process that would typically take over a year. We represented the bank in all communications and meetings with the FCA, with the FCA interrogation initially scheduled for two sessions. After the first session, the bank received the FCA’s formal notification that a second session was unnecessary, accompanied by confirmation and that all conditions had been met and its authorisation application had been renewed.

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