CASE STUDY
Beyond the Data Hurdles: A UK Bank's Journey to Flawless FSCS SCV Reporting with Macro Global
Overcoming Data Roadblocks: A UK Bank’s Data-Driven Transformation for Flawless FSCS SCV Reporting (Powered by Macro Global).
Client Overview
The client, a prominent UK bank, faced data quality concerns in their FSCS SCV reporting, prompting them to seek assistance from Macro Global. Following the identification of 16 high, medium, and low severity issues, the bank realised a need for expert intervention. With a focus on regulatory reporting, Macro Global deployed robust data governance measures to address the challenges.
Challenges Faced
- Records Could not be Read by FSCS
- Non-Standard ASCII Characters
- Multiple Depositors Potentially Found Under Single SCV Records
- Address Formatting Issues or Invalid Addresses
- NFFSTP Keywords Found
- Potential Exclusions Accounts
- Many Depositors at the Same Address
- Depositor Found in the FCA Financial Services Register
- Potential Duplicate Depositor Profiles
- Account Holder Indicator Value Does Not Match Account Holders Detected
- Potential Ineligible Accounts
- Exclusion Type Populated in SCV
- Length of Data is Too Long
- Total Account Balance Differs from Aggregate Balance
- Minimum Address Requirements Not Met
- Blank Currency of Account, Account Balance or Exchange Rate fields
Solutions Implemented
The bank sought the assistance from Macro Global which implemented the following solutions:
- Rectified duplicate records and standardised depositor information.
- Resolved non-standard ASCII characters handling.
- Verified joint accounts and individual deposits for accuracy.
- Improved address formatting and validation.
- Clarified “NFFSTP” data and optimised reporting.
- Classified exclusion accounts for accurate reporting.
- Validated shared addresses for precise reporting.
- Verified eligibility and eliminated ineligible accounts.
- Ensured distinct profiles and recommended KYC checks.
- Corrected inconsistencies in account holder count.
- Addressed misplaced field for accurate reporting.
- Rectified data points exceeding PRA limits.
- Aggregate balance reconciliation.
- Updated system to comply with FSCS standards.
- Enhanced reporting logic for accurate currency representation.
Results Obtained
- UK Bank Achieves “Green” Status for SCV Reporting
- Led to accurate data submission.
- Optimised data handling processes ensure compliance and efficiency.
- Recommendations for SCV Alliance and SCV Forza promise automated solutions.
Thus, the UK bank’s collaboration with Macro Global has eliminated data hurdles, earned a “Green” status, and set the stage for impeccable SCV reporting.
Learn how Macro Global's expertise ensured 'Green' status for a UK bank's FSCS SCV reporting
