When millions of customers’ funds were frozen during the COVID-19 pandemic, federal regulators ordered a global financial institution to investigate and remediate a surge of customer claims. FTI Consulting was engaged to independently design and administer an individualized review process to ensure compliance and identify harmed consumers for redress.
The institution received, processed and appropriately addressed all eligible remediation claims, demonstrating timely compliance with regulators and minimizing additional fines.
FTI Consulting’s unique approach to remediation considered “but for” scenarios — not just missing funds or incorrect fees, but downstream impacts such as unpaid credit card bills or forced late fees.
Since its creation, two other large U.S. financial institutions have adopted FTI Consulting’s framework for similar remediation efforts.
FTI Consulting leveraged its Analytics and Resolution Claims Solution (“ARCS”) to facilitate the entire claims process, from intake and reporting to direction of disbursement.
FTI Consulting developed a remediation and decisioning framework for consumers that included an intake process, online portal, call center and proprietary workflow and decisioning tool. The framework addressed potential financial harm to customers with frozen funds and enabled customers to request additional repayment in excess of redress already paid.
FTI Consulting experts also developed consumer communications for multiple phases of the process, including acknowledgement, disposition and missing or additional information requests.
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