Deloitte comments on FSA’s Single Customer View |
Responding to today's FSA announcement on the Financial Services Compensation Scheme, Tom Scampion, partner in Deloitte's information & technology risk practice, comments:
“Today’s Policy Statement by the FSA will go some way to answering the key questions about the requirements that financial institutions will need to address in implementing the Single Customer View regulation by its deadline of 31st December 2010. Since the first policy statement in July, deposit takers have been assessing the implications and impact that the new requirements will have. Gaining clarity across brands and departments internally is key to achieving the targets set out by the FSA. As public awareness of this initiative grows, no deposit taker large or small will want to be seen as unable to meet the new requirements, which are ultimately designed to promote consumer confidence.
“Certainly, the volumes of customer data held by the financial services industry are well documented. Equally well documented is the challenge organisations have in managing these volumes, as demonstrated by high-profile data losses in recent years. Having handed out a number of fines for these incidents, the FSA is now turning its attention to the ability of organisations not only to protect, but to structure customer data. This can only be welcomed.”
ends
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