Key Highlights:
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Industry: UK Financial Services
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Regulatory Authority: Financial Conduct Authority (FCA)
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Scope: Over 12,000 partner web pages monitored for compliance
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Challenge: Ensuring compliance across a vast network without significant manual effort
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Solution: Implemented AI-powered marketing compliance software
Results:
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Proactively identified and mitigated compliance risks in real time
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Saved the equivalent of 52 FTE weeks annually (one full-time employee).
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Strengthened brand integrity and regulatory compliance.
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Enhanced support for network of independent partners.
Overview
As a part of the UK financial services industry, Golden Charter must adhere to significant regulatory compliance rules set by the Financial Conduct Authority (FCA). The FCA regulates financial firms in the UK to ensure they operate fairly and transparently, protect consumers, and maintain market integrity. A wide range of services fall under this authority, including banks, insurance companies, investment houses and mortgage brokers. Its role is to set and enforce rules to prevent misconduct, promote competition, and supervise ongoing compliance.
As well as being good corporate citizens, the incentives for Golden Carter to remain compliant include avoiding crushing financial penalties that can run into the millions, as well as preventing reputational damage that can irreparably harm a brand.
The Challenge
With over 800 partner domains under their purview, Golden Charter needed a scalable solution to ensure compliance with FCA rules across their network. They partnered with Red Marker, an IntelligenceBank company, to leverage its marketing compliance software to meet this need.
Golden Charter is responsible for ensuring that their extensive network of over 800 independent partners adhered to stringent financial promotions rules. This included every web page of every partner. The scale of this task was daunting given the sheer number of domains that required regular monitoring for compliance. The manual effort needed to perform these checks would have required significant internal resources – particularly as it required high value employees. Golden Charter needed a solution that could efficiently manage this workload while minimizing regulatory risk and safeguarding their brand integrity.
The Solution
Golden Charter implemented AI powered marketing compliance software to address this challenge. We deployed an automated solution to scan and check the compliance of over 12,000 web pages across all 800+ partner domains. This partnership allowed Golden Charter to proactively identify and address potential compliance issues in real time, reducing the regulatory risk associated with their financial promotions. Additionally, by outsourcing this compliance process, Golden Charter was able to save the equivalent of one full-time employee’s work annually, freeing up internal resources for other critical tasks.
The Results
By implementing AI-powered compliance software, Golden Charter was able to:
- Efficiently monitor over 800 partner domains and 12,000 web pages.
- Identify and mitigate compliance risks proactively in real time, safeguarding consumers and protecting the brand.
- Save 52 FTE weeks annually, which translates to the equivalent of one full-time employee.
This solution not only ensured adherence to FCA regulations, but also enhanced Golden Charter’s ability to support their network of independent funeral director partners. As a result, Golden Charter maintains a high standard of regulatory compliance which in turn builds greater trust with their customers.