The syndicate was subjected to an FSA Arrow visit that revealed issues under Principle 3 of the FSA handbook. Remediation of business processes, systems and governance.
What the Client Said
'I worked with Stephen for more than a year on a large project in a multicultual environment. The company commissioned Stephen as a project manager and I worked with him as a workstream head reporting into him. The project was successful simply because of his strong leadership and ability of buying-in people involved. He also showed top notch administrative skills including presentations which means he does not require a project management office. If you consider a capable project manager particularly in a complicated work environment, he is definitely recommendable.'
Mitsuteru Miyake - General Manager for Secretariat, Corporate Planning Department (Mitsui Sumitomo Insurance Company Limited)
Following an FSA arrow visit and resulting section 166 being issued, PWC were engaged to identify the remediation points. To satisfy the identified requirements and FSA points, they needed a Lead to define and deliver the changes required and align the approach of the culturally disparate management teams.
The client was able to satisfy all requirements of the section 166 and as a result was able to resume taking on new business.
The FSA recognised the significant changes made and the completion within original timescales which resulted in removal from the FSA watchlist.
The revised management structure, processes and controls provided an efficient basis for future growth.
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