Financial and insurance services

Tender description

FSCS intends to award a contract to Deloitte LLP for the provision of claims handling services. FSCS exists to protect customers of financial services firms that have failed. If the company the customer has been dealing with has failed and can’t pay claims against it, FSCS can step in to pay compensation. FSCS covers claims for home finance, deposits, PPI, debt management, insurance, investments and pensions. To do this FSCS runs an outsource claims model to deal with the fluctuating volumes we have. In 2018 FSCS appointed a transformational partner for our claims processing services, however we have identified that we require specific support in processing some of our most complex claims and require increased contingency. FSCS needs the ability to deal with a volatile financial services market with unforeseeable events impacting the claims types, volumes, and complexity since our previous procurement. The service provider will perform the following activities across the claims we receive: Evidence checking, including identification documentation to ensure it meets the minimum requirements for the claim type. Monitor and record evidence received. Gather information from third parties (e.g the customer, providers of financial services products, claims management companies or financial regulators) where required and chase as necessary. Determine eligibility of the customer, validity of the claim and complete quantification of compensation — calculation of loss, all in accordance with FCA rules and FSCS’s policies (utilising specialist calculation tools). Review and sign off by an accredited individual. Sanctions checking. Issuing compensation payments and decision documentation.