TBG Group assists The Openwork Partnership and the FCA with the Data Capture Survey for the AR Regime, Section165.
The Openwork Partnership is one of the longest established and largest financial advice networks in the United Kingdom. The company consists of over 4,100 advisors based in nearly 700 firms and supported by 600 Openwork colleagues.
Campaign Objective and Project Background
Services Provided:
The Appointed Representatives (AR) regime is set in primary legislation. It allows self-employed representatives to engage in regulated activities without having to be authorised. Where harm occurs, it is often because principals do not do adequate due diligence before appointing an AR, and/or due to poor ongoing control and oversight. The Financial Conduct Authority (FCA) consulted on changes to protect consumers and address harms across all the sectors where principals and ARs operate. The FCA are requiring principals to provide more information on Appointed Representatives (ARs) and clarifying and strengthening the responsibilities and expectations of principals.
The Openwork Partnership needed to gather this information for the FCA from their partner firms. As this is FCA regulated, it’s mandatory that the questions were answered and given back to the FCA. The Openwork Partnership used external systems to gather as much of the information as possible, however there were a few questions that they didn’t have access to on their systems.
TBG Group were tasked to create survey links, and a Calendly booking diary for ARs to book appointments if they needed any assistance going through the questions. An outbound number, and email were created as a point of contact for firms to contact directly. TBG Group were tasked to make contact with all the ARs from each firm to advise them that they will be receiving an email for the data capture survey, confirm the correct email address the survey would be sent out to, and ensure they were aware that TBG Group were there to help guide them through the process. TBG Group would speak to the practice principles and ARs, answering any questions there may be as well as assisting the practice principles through the questions. TBG Group would then ensure all notes were recorded so they were constantly aware of how many surveys had been completed, how many had started the surveys but partly completed, and how many needed follow up calls.
The Appointed Representatives (AR) regime is set in primary legislation. It allows self-employed representatives to engage in regulated activities without having to be authorised. Where harm occurs, it is often because principals do not do adequate due diligence before appointing an AR, and/or due to poor ongoing control and oversight. The Financial Conduct Authority (FCA) consulted on changes to protect consumers and address harms across all the sectors where principals and ARs operate. The FCA are requiring principals to provide more information on Appointed Representatives (ARs) and clarifying and strengthening the responsibilities and expectations of principals.
The Openwork Partnership needed to gather this information for the FCA from their partner firms. As this is FCA regulated, it’s mandatory that the questions were answered and given back to the FCA. The Openwork Partnership used external systems to gather as much of the information as possible, however there were a few questions that they didn’t have access to on their systems.
TBG Group were tasked to create survey links, and a Calendly booking diary for ARs to book appointments if they needed any assistance going through the questions. An outbound number, and email were created as a point of contact for firms to contact directly. TBG Group were tasked to make contact with all the ARs from each firm to advise them that they will be receiving an email for the data capture survey, confirm the correct email address the survey would be sent out to, and ensure they were aware that TBG Group were there to help guide them through the process. TBG Group would speak to the practice principles and ARs, answering any questions there may be as well as assisting the practice principles through the questions. TBG Group would then ensure all notes were recorded so they were constantly aware of how many surveys had been completed, how many had started the surveys but partly completed, and how many needed follow up calls.
Project execution
TBG Group’s primary objective was to inform the firms of the upcoming data capture survey, what to expect and their next steps, along with answering any questions the firms may have regarding the survey.
The campaign was designed to capture data required by the FCA, ensuring all the firms were filling in the surveys correctly as well as in a timely manner. The campaign consisted of a three-call dialling cycle. The firms primarily receive an email explaining what will be expected of them, this is then followed by a call from the TBG Group’s agents to advise the practice principles that they will be receiving another email for the data capture survey along with ensuring that they have the most recent email address for the practice principle. Once the data capture survey has been sent out another round of calls are made to ensure the ARs have received the data capture survey as well as to see how they are progressing with the survey. A reminder email is then sent out before the final dials are made ensuring that the practice principles have all the support, they need to complete the survey. Once the final calls have been made a final round of emails are then sent out to conclude the campaign.
TBG Group met with The Openwork Partnership prior to the commencement of the campaign, this allowed Openwork to provide training on the purpose of the calls, discuss the desired outcomes, and set targets. Given the client’s reputation in the sector, TBG Group’s style and approach also needed to align fully with the client’s own values, tone, and culture. It was critical that the calls were authentic and that the team were working as a proficient extension of The Openwork Partnership’s own team.
TBG Group liaised closely with The Openwork Partnership to clarify any issues, send daily reports of their progress, and notify Openwork of their findings. TBG Group raised a dedicated channel within Openwork for this communication to take place, this made conversing with the campaign leaders within Openwork smooth and effortless.
Project execution
TBG Group’s primary objective was to inform the firms of the upcoming data capture survey, what to expect and their next steps, along with answering any questions the firms may have regarding the survey.
The campaign was designed to capture data required by the FCA, ensuring all the firms were filling in the surveys correctly as well as in a timely manner. The campaign consisted of a three-call dialling cycle. The firms primarily receive an email explaining what will be expected of them, this is then followed by a call from the TBG Group’s agents to advise the practice principles that they will be receiving another email for the data capture survey along with ensuring that they have the most recent email address for the practice principle. Once the data capture survey has been sent out another round of calls are made to ensure the ARs have received the data capture survey as well as to see how they are progressing with the survey. A reminder email is then sent out before the final dials are made ensuring that the practice principles have all the support, they need to complete the survey. Once the final calls have been made a final round of emails are then sent out to conclude the campaign.
TBG Group met with The Openwork Partnership prior to the commencement of the campaign, this allowed Openwork to provide training on the purpose of the calls, discuss the desired outcomes, and set targets. Given the client’s reputation in the sector, TBG Group’s style and approach also needed to align fully with the client’s own values, tone, and culture. It was critical that the calls were authentic and that the team were working as a proficient extension of The Openwork Partnership’s own team.
TBG Group liaised closely with The Openwork Partnership to clarify any issues, send daily reports of their progress, and notify Openwork of their findings. TBG Group raised a dedicated channel within Openwork for this communication to take place, this made conversing with the campaign leaders within Openwork smooth and effortless.
Results
To date TBG Group have completed 92% of the surveys which has exceeded expectations. TBG Group have worked tirelessly throughout the brief period they were given to complete the dialling and deliver the results back to Openwork. TBG Group demonstrated clear communitive skills, exceeding time management, effective cleansing of data, as well as outstanding problem-solving.
Following TBG Group’s continuing success and outstanding performance, Openwork have integrated TBG Group’s work within their business on several different projects.
Results
To date TBG Group have completed 92% of the surveys which has exceeded expectations. TBG Group have worked tirelessly throughout the brief period they were given to complete the dialling and deliver the results back to Openwork. TBG Group demonstrated clear communitive skills, exceeding time management, effective cleansing of data, as well as outstanding problem-solving.
Following TBG Group’s continuing success and outstanding performance, Openwork have integrated TBG Group’s work within their business on several different projects.
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Whatever your query is – we’re here to help. Speak to our experienced team by submitting a form below.
