Remediation is all about helping our clients fix issues that may lead to their customers not having been treated fairly. Our clients are generally the UK’s largest Banks, Insurance providers and Wealth managers, and within EY we have a dedicated team set up to help them identify and solve these problems.
The financial services industry is regulated by the Financial Conduct Authority. They set the rules and expectations on firms. Remediation tends to be required when firms do not, or have not, met these standards. We have worked on a significant range of really interesting and exciting projects covering insurance, investments, bank account charges and many more.
Within the Remediation team, we have established a well-defined process to help our clients with these issues, and as part of the Remediation team, you will be working on different elements of this process.
- You could be working to help clients identify if there is a problem in the first place (we call this the diagnosis phase),
- You could be involved in the design and setup a of a new delivery team to help clients address a problem when it has been identified (we call this the operational set-up phase)
- Or you could be conducting the actual tests to determine whether a customer has been treated unfairly to determine what the best result would be for them to remedy the situation (we call this the review phase).
As an apprentice in the Remediation team, you will be involved in a variety of interesting work from day one. Some examples of day-to-day activities our existing apprentices perform are;
- Listening to recordings of calls that took place between a bank and its customers to determine whether customers were given the right information during the sales process
- Quality checking work performed by other teams (EY teams and client teams) to ensure it meets the quality standard required and provide confidence in the work completed
- Calculating the amount of compensation due to a bank's customers who were found to have been incorrectly charged
Every project is different, which means the work is interesting and varied. Projects range from very large projects where we need to help firms determine the fairness for many thousands of customers through to far smaller scale technical reviews where we help our clients identify whether they have met required rules and regulations. Whilst responsibilities will be dependent on client needs, you could be involved in:
- Designing operational processes and helping them come to life – seeing your processes go from page to working project. For example, designing a way to capture information, and analyse the data to produce management information on a project or designing a process to review a financial product and decide whether it was mis-sold or not.
- Working with our clients to make sure the way they sell products meets the applicable regulations – this might involve quality checking work or reviewing historic customer files to understand what happened and if the client did the right thing at the time.
- Helping to “put things right” for customers who have been mis-sold financial products – this might involve calculating how much compensation customers are owed, or helping us to contact customers on behalf of our clients to let them know that something went wrong.
The great news is that as well as the really exciting and diverse work, EY will fund and support you through the professional qualifications below as part of the apprenticeship programme and you’ll receive a competitive salary from day one. The professional qualifications include exam based financial services qualifications that will help you build your industry knowledge and assessment based qualifications that are designed to develop the leadership and management skills that will be essential for your career with EY.
In years one and two, you will work towards:
Compliance Risk Officer (Level 3) government-accredited apprenticeship standard:
- You will be provided with a range of on-the-job experiences, training and development days as well talent coach meetings to develop the knowledge, skills and behaviors required within the standard
- You will create a portfolio of evidence which will be submitted to the independent assessment body (NOCN) as part of your End Point Assessment for the apprenticeship
- The End Point Assessment will take place with the independent assessment body (NOCN). This involves a 30-minute Professional Discussion on your portfolio of evidence and a 45-minute Structured Interview.
Chartered Insurance Institute’s Certificate in Financial Services
- You will study 2 modules as part of the qualification CF1 - UK Financial Services Regulation and Ethics LP2 - Financial Services Products and Solutions
And in years three and four you will achieve:
- Junior Management Consultant (Level 4) government-accredited apprenticeship standards.
- Institute for Leadership and Management’s Level 3 Diploma
Across the apprenticeship you’ll also build your knowledge through web-based learning, shadowing senior colleagues and team members, and training courses with our in-house experts and external training providers. You will also be assigned a career counselor who will effectively act as a buddy and mentor and who will work closely with you to identify your strengths and help you grow in your career.