Client
Wind-down planning for a payment institution
Objective
The payment institution was not operational because of the closure of branches due to the pandemic lockdown. This and wider group issues had created financial difficulties for the payment institution, to which it had alerted the FCA. The FCA requested a copy of the wind-down plan and the business turned to fscom for assistance in preparing it because it did not have the internal expertise or capacity.
Approach
Through a series of workshops with senior stakeholders, our team supported the business to identify:
- Relevant wind-down scenarios, indicators and thresholds
- Relevant contractual agreements
- Key steps and stakeholders in winding down the business
fscom completed the financial forecasting with stress testing. Compiled the communication matrix with allocated actions and action holders. Documented the plan with an executive summary.
Outcome
Supported the client to respond to the FCA’s questions on the plan, which amounted to a small number of clarifications.
