Regulatory Compliance for a Major High Street Retailer

A major high street retailer, operating in a tightly regulated sector, was faced with the intricate challenge of adhering to the stringent guidelines set forth by the Financial Conduct Authority.

Regulatory compliance was paramount, especially concerning the sales of products involving insurance.

The Challenge

Our client wanted to achieve peace of mind and assurance that the proper processes and procedures were being adhered to. They wanted a way of ensuring things were completed correctly and at the right times.

Training & Validation

It was identified that there was no easy way of ensuring that the sales staff had the necessary regulatory compliance training and validation to correctly sell Financial Conduct Authority (FCA) regulated products

No Centralised Monitoring

Each store managed regulatory compliance individually, lacking a centralised method to monitor and report on compliance status

Solution

With the Excellence platform, the retailer was able to tackle these challenges head-on, resulting in a remarkable transformation for the business.

Unified Training & Feedback

Excellence enabled the recording of all necessary training, and facilitated a programme of ongoing feedback, coaching and development.

Real-time Reporting

The Excellence Centralised Reporting allowed our client to gain a powerful tool for compliance monitoring. Store managers accessed an accurate, instant snapshot of compliance within their store. Regional and Territory managers could swiftly assess compliance across their areas.

Exception Management

Real Time exception reports, made available throughout the business, quickly highlighted problems with compliance.

Results

Through the implementation of the Excellence platform, the client achieved their goals and gained full visibility across their entire workforce.

Online Training Records: Every staff member acquired an online, auditable training record. This record showcased their proficiency and adherence to regulatory requirements.
Training and Responsibility: A documented chain of training and responsibility was established, ensuring that each step of compliance was meticulously recorded.
Franchise Ownership: Even within franchise stores, a structured chain of responsibility was established, from the Franchise owner down through the hierarchy to each sales employee.

Conclusion: A New Era of Compliance

By working with us, our client transitioned from scattered compliance management to a harmonised and accountable approach. Streamlined reporting, and meticulous record-keeping meant Financial Conduct Authority regulations were now navigated with confidence.

The transformation resulted in compliance that was not only robust, but also transparent and easily accessible across the organisation.