Legislative Change in Retail Banking

Managing the technology response to new financial service regulation.

Background

The client is a clearing bank with over 1500 branches across the United Kingdom.

To comply with enhanced FSA regulations covering retail accounts, the bank upgraded its customer facing compliance procedures. The account opening and customer needs review processes were redefined and additional regulatory steps added. Technology was required to support the new processes.

The Work

An experienced programme professional worked alongside the compliance team to manage the delivery of the technology work stream. The assignment involved:

  • Working with the retail bank’s team to translate the legislation and process models into the technology requirements.
  • Managing the technology development and testing.
  • Planning and testing the roll-out procedures.
  • Managing stakeholder expectations, and responding to their developing understanding of the legislation.

The Benefits

The systems were available well in advance of the regulatory deadline, providing ample time to train the staff, and where necessary to refine the processes.

Work Categories