Hi ! This is one of the most amazing product updates we have had to date! We are super excited to share with you:

Why Remediation matters?

This is defining moment for the service industry as a whole. Consultants may charge clients hundreds of thousands of dollars if not millions to remediate a book of clients and the business impact can be deafening.

Recently, Rathbones, a UK investment and wealth manager, notified that they are undergoing a £60M remediation plan after a regulatory review identified compliance gaps. This puts almost £900M of annual client inflows at risk. This resulted in an 18% drop in their share price.

What happened?

• 4,700 higher-risk clients, equalling 4% of the group's 119,000 clients are currently being put under a voluntary inflow pause, meaning no money in until remediation is completed.

• Furthermore, no new higher risk investors will be onboarded for up to a year
  It appears this has been conducted following a skilled person review by the Financial Conduct Authority (FCA).

• This is a big blow for the FTSE250 wealth manager, but on the flip side no fine or enforcement action has been implemented, meaning the FCA were content with the voluntary measures proposed by the firm.

At Steward we work day-in-day-out with ingesting and remediating complex onboarding including dealing with higher risk investors. We can leverage AI to make processes more manageable so teams can spend time on the the higher value risks.

👉 Check out how we use AI Agents for Remediation here!

What excites us the most is what does a world look like when you know your books and records are in pristine order, and this is only possible when you infuse great tech with unrivalled expertise. This is what Steward stands for.

Until next time,

1  We average at 5 mins per application, multiplied by 24 hours a day compared to someone working 8 hours a day (9-to-5) straight completing an remediation every 45 minutes. So 24hrs*60/5mins per application / 8hrs/0.75.