FIN573: Your firm has experienced an increase in the number of complaints it receives from customers: Financial Crime Compliance Report, SUSS
Question 2
Your firm has experienced an increase in the number of complaints it receives from customers. A targeted review suggests that the front-line staff are not fully explaining the details of the products they are recommending. A small survey among the front-line staff reveals that they are focusing extensively on the benefits of the products and services they are recommending but often fail to disclose the full terms and conditions where they believe that these might lessen the likelihood of completing the sale.
You have been asked to design a compliance monitoring plan to test this finding more thoroughly and ensure that disclosure is more complete and that the appropriate culture is embedded in the front-line staff. Before you start the investigation, the head of compliance wants to understand your plan and how you intend to report on the current position and track any improvements as your plan progresses.
Produce a report for the head of compliance that:
a) outlines your recommended plan
b) uses appropriate visualization tools, including a relevant dashboard with the
appropriate headers, that you will use to record and report your findings as you progress.
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