Dormant Assets Scheme Insolvency Solution

Should the disorderly insolvency of a Scheme participant occur, RFL would need to provide a B2C solution that mirrors the value that, and process by which, ‘live’ customers can be compensated through the firm’s insolvency practitioner.

RFL is seeking to outsource this B2C solution and have it on standby, ready to be activated within a reasonable timeframe that mirrors the insolvency practitioner’s reclaim service should it become apparent that a participant is facing a disorderly insolvency.

Activation of the B2C solution would be directed by RFL, based on information received from the participant’s insolvency practitioner and/or the FCA that confirms a disorderly insolvency.

RFL wishes to procure a business process outsourcing (BPO) service that can calculate, validate, and process customer reclaims using data obtained from the participant’s insolvency practitioner. The BPO must securely store the data, with appropriate access controls governing it.

The BPO service will need to be proportionate and appropriate to the insolvency event: it must be scalable (both up and down) and adapt to the insolvency practitioner, which will determine ways of working, processes, and timelines.

RFL recognises these unique requirements will require a sophisticated and bespoke solution and is therefore anticipating that the supplier is likely to sub-contract elements. RFL must be assured that the overall solution is compliant with RFL policies and procedures, FCA and other regulations, that customers receive appropriate outcomes, and that appropriate service standards are achieved.

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