About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

UK FSA Sends Out Yet Another Reminder of 31 December Deadline for SCV Compliance

Subscribe to our newsletter

The UK Financial Services Authority (FSA) has this week sent out another letter (there have been a fair few sent out over the course of this year) to firms’ compliance offices in order to remind them of the 31 December 2010 deadline for compliance with the incoming Financial Services Compensation Scheme (FSCS) Single Customer View (SCV) reforms. The industry response to the reforms, which will significantly impact the customer data management teams of deposit taking institutions in the UK, thus far has been decidedly lacklustre and this letter is, no doubt, another attempt by the FSA to spur firms into action.

The reform is all part of the UK’s attempt at meeting the wider G20 goal of improving customer protection and is designed to facilitate “faster payout” of compensation in the event that a deposit taker is unable to meet the claims of depositors. All deposit takers in the UK are required under the reforms to be able to prepare the SCV, but those with less than 5,000 accounts held by eligible claimants need not have an electronic SCV, although they will still need to be able to provide the SCV on request, in another format.

As noted in the FSA letter: “With effect from 31 December 2010, all deposit takers, including those that have opted out of the electronic verification process are required to be able to generate an SCV file within 72 hours of a request being received from the FSA or FSCS. All deposit takers are required to be able to produce an SCV file from 31 December 2010, but those with less than 5,000 accounts held by eligible claimants need not have an electronic SCV.”

According to the estimates published by the FSA and drawn up by consulting firm Ernst & Young last year, the total cost to a large bank of the data cleansing process in order to be able to produce these reports will be between £191 and £243 million.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: In data we trust – How to ensure high quality data to power AI

13 March 2025 11:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes Artificial intelligence is increasingly powering financial institutions’ processes and workflows, encompassing all parts of the enterprise from front-office to the back-office. As organisations seek to gain a competitive edge, they are trialling the technology in variety of ways to streamline and...

BLOG

FinScan Data Quality Chief Seeks to End Compliance Failure Excuses

The dog ate my homework. The train was delayed. The postman mislaid your birthday card. At one time or another, we’ve all used a weak excuse to forestall censure for an error of behaviour or judgement. And mostly, we’ve got away with it. In financial regulatory compliance, however, excuses won’t wash. Especially when it comes...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Data Lineage Handbook 2019

Welcome to our latest handbook on data lineage, a critical concern for data managers working to achieve regulatory compliance, deliver operational gains, and provide meaningful value to the business. The handbook covers the complete scope of data lineage, with a view to helping you win management buy-in and budget, decide whether to build or buy...