Few organisations deal with the legacy book effectively or efficiently, which is unlikely to be a suitable outcome for clients.

Tackling a closed book is a challenge…designing an appropriate solution and assessing the impact on those affected; understanding the cost; planning the approach; and securing resources to execute on it.  The regulator will take a keen interest - existing clients will need careful management to ensure they understand their options or choices.  Even with the best preparation, no major product or proposition change is risk-free - so all too often the challenge is ducked for far too long.

To ignore the elephant in the room, and avoid taking action is, however, not a smart approach.  A problem ignored rarely resolves itself, and burying the issue raises the risk of later, greater cost; including potentially - worst case - a regulatory fine.  Dealing with the problem early has clear, immediate benefits for the business, reducing future risk and overall, gives the clients the best outcome.  

It’s time for a Spring-clean!