A guide to faster payout |
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Download Background
Banks and building societies have long sought to develop a single consolidated view of their customers for commercial purposes. However, the FSA’s new regulatory requirement is designed to promote consumer confidence by ensuring that if a deposit taker fails, savers will be able to get up to £50,000 compensation within seven days.
We have put together a step-by-step guide to faster payout, including information on:
- Sizing the problem and developing a strategy to, as a minimum, ensure compliance, or tap into the benefits that maintaining an SCV can provide.
- Carrying out an SCV data audit i.e. Identifying, analysing and cleansing data to have the building blocks in place to produce the SCV file.
- Understanding the impact of introducing an additional set of eligibility and verification rules to the data sets to support the compensation process.
- Developing and implementing a faster payout and SCV compliance plan
- Preparing the SCV pre-implementation report
- Preparing for the verification stage, implementation report and FSCS sign off
- Understanding the effects of ‘material changes’
- How to approach ongoing verification
Download our "A guide to faster payout" (PDF) for more detail, or contact us.
