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

Training & Validation

Our client had 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

Using our systems, the retailer was able to tackle these challenges head-on, resulting in a remarkable transformation for the business.

Unified Training & Feedback

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

Real-time Reporting

Our client gained 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

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

Brilliant, Auditable Results

• ONLINE TRAINING RECORDS: Every staff member acquired an online, auditable training record. This record showcased their proficiency and adherence to regulatory requirements.
• TRAINING & 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.