How to Cost-Effectively Satisfy UK FSA Requirements for Single Customer View
by Ken O’Connor
The UK Financial Services Authority have recently implemented a new policy that affects many UK financial institutions. The policy relates to the implementation of a “Single Customer View” (SCV) requirement for certain organisations that fall within their guidelines.
In this post we provide details of how to download a new report released by Ken O’Connor (an expert panel member on Data Quality Pro and an industry specialist in regulatory data management) that provides practical advice for the many organisations that require compliance with the new UK FSA Single Customer View policy.
In accordance with the EU Deposit Guarantee Scheme Directive (DGSD), the UK has a deposit guarantee scheme in place that guarantees deposit holders with deposits up to £50,000 with any one financial institution.
In the event that a bank or other deposit taker fails, eligible deposit holders are guaranteed their money back, together with interest due. The Financial Services Compensation Scheme (FSCS), first established in 2001, plays a key role in the provision and delivery of the deposit guarantee scheme.
In order to assess the scale of exposure, and to facilitate fast payout, the UK FSA issued proposal documents in 2009 for consideration by the British Bankers Association (BBA) and UK deposit taking institutions.
The main proposal was for each deposit taking organisation to deliver a “Single Customer View Report” with details of each eligible deposit holder, with the net value of the deposits held by each deposit holder, and the total compensation due. In addition to the report itself, deposit holders must supply details of how they planned, implemented and tested their new “SCV System”.
In November 2009, despite feedback rejecting the proposals, the UK FSA issued Policy Statement 09/18 confirming that it was proceeding with the SCV requirements.
UK Deposit taking institutions, except those with less than 5,000 customers, are required to conform to the requirements in two main stages, the first by July 31st 2010, and the second by January 31st 2011.
Ken O’Connor, an expert in regulatory compliance, has written a report that explains how to:
- Cost-effectively plan and implement the required system changes
- Deliver the data governance controls required to satisfy the FSA SCV verification requirements
The report is available online at Data Quality Pro in Adobe Acrobat (PDF) format and provides practical advice for any organisation that needs to comply with this new FSA SCV policy.
“How to Cost-Effectively Satisfy UK FSA Requirements for Single Customer View”
by Ken O’Connor
Ken O’Connor is an expert in regulatory compliance havingassisted multi-national clients in the completion of successful data intensive programmes, including Euro Changeover, Single View of Customer (SCV), Sarbannes Oxley (SOX), BASEL II, and Anti Money Laundering (AML).
Ken maintains a popular blog at: http://kenoconnordata.wordpress.com/