Review and audit of redress calculations
OAC Redress Solutions offer a comprehensive and reliable calculation audit service supported by our exceptional breadth of experience and renowned reputation within the redress industry.
In an area where the cost of remedial action and redress can be very high, our clients want to be confident that their compensation calculations deliver a fair outcome to all parties.
Carrying out an audit of a redress project or reviewing individual redress calculations can give peace of mind and provide reassurance to relevant stakeholders.
OAC Redress Solutions has 25 years’ experience in carrying out a wide range of redress calculations – from simple cases to the very complex.
By combining our delivery of high quality, reliable loss assessments with a broader consultancy service we provide you unique insight into how the redress figure has been calculated.
We pride ourselves on our collaborative working style and are happy to work with you to develop a plan for the audit, suggesting the best way of achieving your stated objectives.
At OAC we evaluate each case in detail, reviewing the file in full to properly understand the circumstances. Similarly, in our audits we make sure that we identify any unusual features of a case so that we can verify that it has been handled correctly.
Once we have reviewed the file, we can independently recalculate redress using our established, robust software. All of our calculations are checked and signed off by an actuary.
When preparing calculations, we are able to make reference to our Scheme Booklet and FSAVC Libraries which were collated during the regulatory reviews, and to a wealth of additional updated Scheme information obtained over the past 25 years.
We keep abreast of current issues in redress, adapting our processes and calculations as required to reflect the most recent thinking by the Financial Conduct Authority (FCA) as well as developments in the broader pensions industry. This means that our audit service ensures compliance with not only legislation but also with industry best practice and emerging issues.
OAC Redress Solutions take on projects of any size, from individual calculation reviews to larger projects. Our team take the time to understand your objectives before putting forward an audit proposal which might range from the broad methodology being used to calculate redress through to replicating specific calculations.
OAC case management is tailored to your needs allowing you to choose the level of support to suit your business and budget including:
- Regular catch up meetings
- Monthly or weekly case work schedules
- Client specific case submission forms.
- Fixed fees for preparing calculations
- Volume discounts
Redress calculations are increasingly being scrutinised by investors, claims managers, auditors and PI insurers. Our team of experts come from a range of backgrounds and are used to dealing with different stakeholders. We offer a professional, independent and experienced voice which will instil confidence that your redress outcomes are fair.
At OAC we believe that one of the outcomes of a successful audit is that the user understands the calculation process and the factors that affect the magnitude of redress. We have a clear communication style which is demonstrated both in our day to day interaction with clients and in our comprehensive and clear reports. Our calculation output is also designed to give a clear explanation of how redress has been calculated.
OAC’s redress experts will bring extensive knowledge, experience and processes to help your business resolve complex redress issues ensuring you get the right outcome every time.
- Over 25 years of expertise and knowledge in redress
- Robust, compliant calculations prepared using established software
- An adaptable, scalable solution designed to meet your needs.
- A collaborative approach to case management that works the way you do.
- Fixed fees for all major calculation types.
- An accessible and professional consultancy service which enables you to understand the complexities of redress so that you can make the right choices for your business