Fortifying Banks Against FSCS SCV Risks: The Power of Regulatory Reporting Software
The Financial Services Compensation Scheme serves as a line of protection for depositors, ensuring that their hard-earned funds are safe in the instance of a bank failure. Despite providing support, banks pose inherent risks that could lead to FSCS claims, causing major financial obligations for the scheme and financial system disruption. This blog examines how regulatory reporting software emerges as an effective tool for mitigating the inherent FSCS SCV compliance risks that banks confront.
Understanding Bank & Firm Failures
Reasons Behind Bank Failures
Bank failures can have notable implications for individuals, businesses, and the entire financial system. Among the primary causes are the following:
Economic Crisis:
Result in substantial losses for banks due to the default of loans by companies and individuals during such economic downturn. Failing asset values can also deplete a bank’s capital base, making it prone to losses.Poor Risk Management:
Lending massive funds to high-risk borrowers or investing extensively in unstable markets can put banks to enormous financial losses.Inadequate Regulatory Compliance:
Banks must comply with several regulations to guarantee their safety and integrity. Noncompliance can result in financial penalties, reputational damage, and operational license revocation, resulting in bank failures.Involving in Fraudulent Activities:
Banks can suffer substantial financial losses due to internal and external misconduct, including embezzlement and cyberattacks, respectively. Money laundering can also destabilise banks and weaken financial system credibility.
These failures not only disrupt the financial system but also trigger FSCS claims, potentially exceeding the scheme’s resources. However, several factors contribute to FSCS SCV risks.
Challenges & Risks on Data Accuracy and Validation
Data Entry Errors:
Typos, inconsistencies, and duplicate entries within the SCV can result from manual data entering. Identifying eligible depositors and their FSCS compensation holdings might be confusing.Data Integration Issues:
It can be difficult to integrate data from various bank systems, which can result in duplicate and inconsistent data inside the SCV.Mergers and Acquisitions:
Customer data consolidation is difficult when banks merge or acquire other organisations, leading to duplicate accounts and inaccurate SCV records.Data Inaccuracy:
Incomplete customer data can lead to miscalculations of FSCS compensation.Data Privacy and Protection:
Improper control and unauthorised access to customer data, leading to the risk of poor data quality and potential data breaches.Inaccurate Account Segregations:
Pose challenges for financial institutions in tracking key metrics, generating reliable reports, and posing compliance concerns with regulatory bodies.Synthetic Identity Theft:
Fraudsters can compile facts to construct fake identities, resulting in the creation of duplicated accounts within the SCV, which could cause the FSCS to overcompensate.Misidentification of Eligible Depositors:
Can lead to delays in compensation, causing unnecessary hardship for depositors.Manual Processes:
Time-consuming and error-prone manual data gathering and reporting for FSCS claims.
These factors can exacerbate FSCS SCV risks and ruin public trust in the banking system.
Need for Regulatory Reporting Software
SCV Regulatory reporting software provides crucial data regarding a bank’s operations, financial health, and risk profile. It goes beyond meeting PRA criteria. By implementing this, it enables financial institutions to proactively mitigate FSCS SCV risks:
Improving Data Accuracy and Consistency
Manual data collection and reporting for the SCV is prone to errors and discrepancies. By automating these procedures, SCV Regulatory Reporting Software guarantees the precision of data for essential reports such as the Exclusion File and core regulatory submissions. This facilitates regulators in obtaining a transparent and dependable understanding of a bank’s clientele and assets, enabling them to:
Detect Early Warning Signs:
Regulators can spot concerns like excessive deposit concentration or insufficient capital reserves relative to the FSCS compensation ceiling with accurate data. Early intervention can avert bank failures from such risks.Ease FSCS Payouts:
Clear SCV data guarantees fast and effective processing of FSCS payments for eligible depositors in the scenario of a bank failure, thereby mitigating financial distress.
Optimised Processes and Efficiency
SCV reporting performed manually is resource-intensive and time-consuming. Bank staff can focus on key business tasks and risk management using SCV Regulatory Reporting Software, which automates data collection, validation, and reporting. It also allows banks to invest more in proactive risk mitigation, minimising FSCS claims.
Enhanced Risk Management
By integrating with pre-existing risk management systems, SCV Regulatory Reporting Software offers a comprehensive overview of the customer base of a financial institution and the corresponding risks. This facilitates enhanced analysis of:
Concentration Risk:
Identifying accounts beyond FSCS compensation limitations or with a high deposit concentration with one client provides proactive risk minimisation.
Operational Risk:
Ensuring SCV data accuracy and integrity reduces computation and reporting errors, decreasing operational risks that could lead to FSCS claims.
Reduced Regulatory Scrutiny
A bank’s dedication to regulatory conformance with the PRA is demonstrated through its timely and accurate reporting of SCVs. This mitigates the likelihood of incurring penalties or interventions and cultivates favourable relations with regulatory bodies.
A decrease in regulatory scrutiny results in reduced financial obligations for the bank, which in turn contributes to a strengthened financial standing and a reduced likelihood of invoking FSCS claims.
Maintaining a Leading Edge
Banks are kept abreast of the ever-changing SCV and FSCS regulations by regulatory reporting software. This enables banks to proactively confront emerging financial offences or regulatory modifications to FSCS compensation limits, among other threats, thereby ensuring continuous compliance.
Improved customer Insights:
As SCV consolidates client data, banks can better understand their customers and personalise their products and services.Better customer Service:
Accurate and accessible client data improves and speeds up customer service.Data-Driven Decision Making:
With the help of the customer picture, banks can allocate resources, manage risks, and develop new products based on data.
How to Choose the Right SCV Regulatory Reporting Software?
Understanding Your Needs
Size and Complexity of the Bank:
Think about whether you need a simple solution for a small bank or a more complex system for a large financial organisation. Current Systems and Infrastructure:
Determine the extent of integration necessary with your current core banking system, data management systems, and reporting tools.Growth Prospects:
Select scalable and adaptable software that can accommodate a projected rise in data volume and reporting complexity of your bank.
Important Features to Consider
Ensuring Data Accuracy and Validation:
To guarantee optimal data accuracy, search for software that incorporates automated data cleansing, validation, and error detection functionalities.Exclusion File Management:
It is critical to have robust management capabilities for exclusion files. Make sure the software makes it easier to recognise ineligible accounts and to have clean audit trails.Dormant Account Management:
The software ought to facilitate the quick detection and reporting of dormant accounts in accordance with relevant SCV laws.Automated Deadline Management and Report Generation:
This feature can help avoid delays and make sure that SCV reports are sent to the FSCS on time by automatically generating reports and sending reminders.Regulatory Updates:
It is critical to receive periodic updates regarding the evolving FSCS and regulatory requirements. Choose software that informs and adapts reporting procedures.Security of Data:
To protect sensitive financial and customer information, the software should employ robust data encryption protocols.User-Friendliness:
Intuitive interface of the SCV regulatory reporting software will offer a smooth experience for the banking staff.User Access Controls:
To guarantee that only those with permission can access critical data and reporting features, granular user access controls are crucial.Total Cost of Ownership (TCO):
Consider the initial software cost, recurring maintenance fees, training charges, and any additional implementation costs to opt for an affordable solution.Training and Implementation:
Assess the vendor’s assistance with the training and implementation procedures. This practice guarantees a seamless transition and enables your personnel to efficiently utilise the software.Vendor Assistance:
To ensure the best possible software utilisation and troubleshoot any issues, consider robust technical and continuous customer assistance from the vendor.
Overcoming FSCS SCV Risks with MG’s SCV Solution Suite
Macro Global’s SCV software goes beyond simply automating regulatory reporting. SCV Forza and SCV Alliance are equipped with features designed to address the critical needs of banks in ensuring FSCS compliance and regulatory reporting efficiency, thereby empowering banks. Its key features include:
- The Highly 10th Gen Single Customer View platform to automate FSCS SCV reporting.
- Data aggregation capabilities to integrate and manage account segregations efficiently.
- Ensure accurate SCV reports that comply with FSCS requirements.
- Integrate seamlessly with Core Banking Systems (CBS) to facilitate multi-level data validations.
- Employ data mining, cleansing, enrichment, and reconciliation functions to address data-related inaccuracies.
- Implement AI-based fuzzy logic for precise data validations and control procedures.
- Prevent data duplication through robust validation processes to generate accurate SCV reports swiftly.
- Comply with ISO standards and FSCS regulatory requirements for data security.
- Implement a high level of data security throughout the regulatory lifecycle.
- Protect SCV output files with encrypted password mechanisms for enhanced security.
- Implement multi-factor authentication mechanisms for secure data transmission.
- Manage exclusion files and handle dormant accounts, ensuring accurate identification and reporting of accounts ineligible for FSCS compensation.
- Regularly conduct Vulnerability Assessment and Penetration Testing (VAPT) to maintain robust security.
- Access well-classified 175 SCV Audit Checkpoints to track high & medium risk data issues.
- Utilise third-party integrations for data validation against reputable databases.
- Offer guidance on data governance and operational best practices in the FSCS reporting landscape.
- Experts to optimise regulatory reporting processes and ensure compliance.
By implementing these strategies and utilising a comprehensive regulatory reporting software solution like SCV Alliance and SCV Forza Solution Suite, banks can effectively mitigate FSCS SCV risks, streamline reporting processes, enhance data quality, and ensure compliance with regulatory standards.
Leverage the product maturity and experience of Macro Global’s SCV Alliance and SCV Forza to navigate complex FSCS risks.
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
Focusing on Depositor Fears and FSCS Regulatory Compliance Guidelines for Firms
The January 2024 sanction imposed by the Prudential Regulation Authority on HSBC Bank plc and HSBC UK Bank plc for deficiencies in depositor protection identification and notification, in addition to the US banking crisis of 2023, highlight the criticality of depositor protection regulation.
These incidents illustrate that strict data governance and quality standards are necessary for depositor protection and Financial Services Compensation Scheme (FSCS) compliance.
The consequences of insufficient data management practices are evident in HSBC’s penalty, which ranks as the second most significant fine imposed by the PRA whereas the US banking crisis of 2023 exposes systemic vulnerabilities brought on by liquidity concerns and unstable markets.
Need for Public Focus on Depositor Protection
In recent years, a confluence of factors has elevated the significance of the public and regulatory mandate to safeguard depositors. Listed below are the primary reasons:
Current Bankruptcies and Volatility in the Market
Recalling the 2008 financial crisis, the failure of prominent banks revealed the susceptibility of financial institutions/firms to economic stagnation and poor administration.
These occurrences serve as an intense reminder of the significance of depositor protection schemes in mitigating financial disaster and preserving public confidence.
Increased Public Scrutiny and Fear
Bank failures damage public trust in the financial system by depriving depositors of their funds. This can inhibit economic development by causing individuals to be reluctant to invest or save money.
The attention on protecting depositors makes sure that regulatory bodies are held responsible for keeping depositors’ money safe.
Dynamic Financial Environment
Current depositor protection schemes must be reassessed in light of the emergence of Fintech firms and novel financial products. Depositor protection strategies must be adaptive and effective across all financial institutions, in accordance with regulators.
Global Harmonisation and Standards
International cooperation and harmonisation of depositor protection regimes are becoming increasingly important to guarantee a uniform standard of protection for depositors in financial institutions and countries.
Regulatory Environment Changes
Understanding depositor protection schemes and ensuring that such schemes continue to be effective amidst the ever-changing financial markets via regular reviews and updates are essential.
What Should Firms be Conscious of?
Financial Institutions (FIs) need to be cognizant of several crucial factors in the light of Depositor Protection. Here are the key considerations and implications they should be mindful of:
Rigorous Data Governance and Quality
Firms need to prioritise robust data governance and quality practices to ensure compliance with depositor protection regulations. This entails maintaining accurate, consistent, and up-to-date depositor records, aligning with the granular requirements of the Single Customer View (SCV). Also, they need to review their SCV reporting capabilities and adapt to the changing environment.
Timely Data Management
Recognising the need for real-time or near-real-time data processing capabilities is essential. FIs should ensure that their data management systems can update depositor information within the 24-hour window mandated by SCV requirements to enable timely compensation for affected depositors.
Handling Beneficiary Accounts
Firms should accurately identify beneficiary accounts owned by their customers, which may not be covered by FSCS but require inclusion in SCV files as per PRA rules.
Identification and Rectification of Data Challenges
FIs should focus on identifying and rectifying data quality issues, such as duplicated records, discrepancies in account status, and lack of consistency across records.
Metadata Management
Utilising up-to-date metadata is crucial for SCV reporting accuracy, as outdated or incorrect metadata can impact the eligibility and treatment of accounts in the SCV files.
Adoption of Advanced Data Governance Tools
FIs should consider deploying advanced data governance and quality tooling to address inaccuracies and inconsistencies in depositor records. Implementation of advanced analytics, automation technology, and machine learning can enhance overall data integrity.
The implementation of automation technology can guarantee precise and streamlined FSCS SCV reporting. The automation platform collects and cleanses data from various sources, structures and enriches it, performs automated validation checks, and conducts rigorous audits to ensure regulatory compliance.
Handling Non-Traditional Currencies
Varied treatment of non-traditional currencies like Cryptocurrencies poses challenges, as their coverage under FSCS differs and requires specific handling in SCV reporting.
The Prudential Regulation Authority (PRA) provides regulatory guidance for depositors and deposit-taking institutions regarding Electronic Money, including cryptocurrencies. The guidance emphasises transparency and protection for retail customers. It also addresses risks from tokenization and consumer confusion. The guidance outlines standards for issuing E-Money or regulated stable coins and requires innovations in deposit-taking from retail customers to comply with FSCS protection limits. Deposit-taking institutions must navigate these regulations to inspire consumer trust and confidence.
Integration of Regulatory Data Requirements with Business Objectives
Firms should align SCV and other regulatory data requirements with broader business objectives, emphasising the integration of data management into a strategic asset.
Managing Deposit Aggregators
Understanding the status of accounts managed by deposit aggregators is essential, as their treatment in SCV files may differ based on their legal structure and beneficiary account classification.
Funds under Non-disclosure
Deposits in suspense accounts, often excluded from SCV files, must be properly managed and allocated for compliance, especially in cases of insolvency, to ensure timely resolution and evaluation by FSCS.
Regulatory Changes and Reconciliation
Adapting to regulatory changes and ensuring thorough reconciliation from source to reporting is crucial. FIs must stay updated on regulatory requirements and integrate changes into their SCV reporting systems.
Firm’s Preparedness and Response
Firms should be well-prepared to respond to testing requests or questions from regulatory authorities regarding their SCV framework and reporting.
Internal and external data testing of SCV files, along with deeper dive audits and reviews, can instill confidence in the firm’s reporting capabilities.
Partnering with Data Management Solution Providers
Collaboration with data management solution providers like Macro Global can support FIs/Firms, fostering a culture of data excellence as part of a comprehensive data strategy.
Unlocking New Opportunities by Integrating SCV with Data Strategies
Financial Institutions (FIs) derive immense value from integrating Single Customer View (SCV) with broader data strategies.
- SCV data is indispensable for accurate reporting on depositor protection schemes such as FSCS, which is critical for regulatory compliance.
- Firms are able to discern customer requirements, preferences, and potential risks through the analysis of combined SCV and customer behaviour data, which facilitates data-driven decision making and targeted marketing initiatives.
- By using this data, financial products and services can be improved, offerings can be made more personalised, and client retention tactics can be strengthened.
- SCV data facilitates early detection signs for potential fraudulent activities, money trafficking, or credit defaults, thereby contributing to risk management.
- It eliminates data silos and improves resource allocation, contributing to increased operational efficiency.
- Firms can also enhance their products and services by anticipating future financial behaviour and consumer requirements through the use of predictive analytics enabled by SCV data.
Macro Global's FSCS SCV Solution Suite: Streamlined FSCS SCV Reporting
Efficient regulatory solution provider offers a comprehensive solution that not only meets but exceeds FSCS SCV reporting requirements, standing as your trusted partner.
The solution needs to be built upon a foundation of best practices, aligned with a proactive approach to regulatory changes, and extend an unwavering commitment to operational resilience. Also, they must understand the FCA’s operational guidelines and translate them into actionable compliance strategies.
An efficient SCV solution must meet the following criteria:
- Generate accurate and timely SCV effectiveness & exclusion reports that reflect the latest regulatory changes.
- Leverage advanced data cleansing, enrichment, and reconciliation methods to guarantee accurate SCV reports, addressing depositor concerns about duplicate records.
- Conducting efficient audits of generated SCV reports using checkpoints, addressing depositor concerns about data accuracy, and preventing duplicate records.
- Maintain high data quality standards through integrations with core banking systems and multi-level validations.
- Follow strict data governance principles, ensuring data security and compliance with FSCS demands. Additionally, they are adept in proactive risk management, fostering a robust infrastructure to manage disruptions.
- Adhere to industry-leading security protocols and be hosted in a secure cloud environment, protecting sensitive data and upholding regulatory compliance throughout the reporting lifecycle.
- Reduce compliance burdens with automated solutions that stay ahead of evolving regulations.
- Benefits you via ongoing support from subject matter experts, ensuring peace of mind with data accuracy and compliance.
Leave the complexities of FSCS compliance to Macro Global. They offer FSCS SCV solutions to banks and financial institutions, allowing them to focus on core business activities, and achieve effortless compliance. reduce costs, enhance depositor trust, maintain a competitive edge.
Contact us today to learn more about how Macro Global can simplify your FSCS compliance journey.
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
Key FSCS SCV Considerations for Credit Unions and Depositor Safety
Credit unions are co-operative financial institutions offering a wide range of financial products and services like traditional banks. They function as critical entities within the financial domain, providing competitive financial services to their members. However, ensuring depositor protection is crucial, and the Single Customer View helps achieve this. This blog discusses FSCS SCV requirements and guidelines for credit unions to assist them comply with Prudential Regulation Authority standards.
Understanding FSCS SCV Reporting for Credit Unions
The SCV is a comprehensive digital ledger that tracks a member’s holdings across all their credit union accounts. Every detail of a member’s accounts, including their name, address, balance, and account numbers, are contained in it. This consolidated record makes it easy for the PRA to identify depositors and their holdings in the event of a credit union failure. This data is essential for:
Faster Payouts:
If a credit union defaults, the Financial Services Compensation Scheme (FSCS) can process and pay compensation to qualified depositors quickly with the aid of reliable SCV data.
Enhanced Risk Management:
By employing SCV data for risk assessment, the PRA can guarantee that credit unions uphold sufficient capital buffers to safeguard depositors.
Key SCV Requirements for Credit Unions
The Prudential Regulation Authority (PRA) specifies certain SCV requirements for credit unions to ensure accurate and timely reporting:
Exclusion File: Not Covered Under FSCS
The Exclusions File is an essential component of the Single Customer View (SCV), as it contains accounts that are identified as ‘ineligible’ for FSCS compensation in the event of credit union failure.
It encompasses accounts maintained by institutional investors, local authorities, other credit unions, and significant depositors surpassing FSCS compensation limits, all of which are not classified as “depositors” according to FSCS regulations.
Keeping an accurate exclusion file is important since erroneous inclusions could understate the total compensation needed and incorrect exclusions could result in ineligible accounts obtaining compensation, posing financial concerns.
For managing the exclusion file, credit unions must establish and maintain robust procedures that incorporate transparent audit trails for inclusions and exclusions, precise identification criteria, and timely updates.
SCV System: Upgrades and Changes
Credit unions must inform the PRA of any substantial modifications to their SCV systems that impact the accuracy of the data.
Software updates, modifications to data storage or reporting formats, and adjustments to data acquisition methods are all considered material changes.
These modifications involve introducing new data collection methods or altering data validation protocols. Additionally, software upgrades that implement modifications to data management processes or introduce novel functionalities necessitate notification.
Prompt notification guarantees a seamless transition for SCV reporting and aids the PRA in evaluating possible effects on data authenticity.
Going Digital: SCV Electronic Reporting
Standardised reporting among credit unions is ensured through the PRA’s requirement for electronic submission of SCV data.
To comply with the PRA’s requirements regarding the electronic submission of SCV data, credit unions must adhere to the designated format, implement secure file transfer methods and encryption protocols.
Because it safeguards the transmission of sensitive customer information and meets all applicable deadlines. This practice guarantees effective regulatory oversight and data analysis.
Credit unions should choose an FCA approved independent software vendor like Macro Global who can provide them with a FSCS SCV regulatory reporting software for electronic submissions to RegData.
Dormant Accounts: A Point of Concern
The SCV structure calls for a special handling of dormant accounts, which are accounts that have not been used by a customer for a specific period. Credit unions are required to meticulously identify and report these accounts in the SCV data.
The eligibility criteria for FSCS compensation on dormant accounts vary in comparison to active accounts, and the FSCS offers clear guidance regarding the management of dormant accounts within the SCV framework.
Newcomers to the Game: Newly Authorised Credit Unions
In accordance with PRA requirements, newly authorised credit unions must establish robust Single Customer View (SCV) processes from the outset, including procedures for data collection, reporting, and exclusions management.
Ensuring early compliance prevents potential regulatory issues and guarantees adherence from the moment of authorisation. SCV reporting requirements can be more efficiently navigated with the assistance of the PRA and FSCS.
Keeping a Watchful Eye: Ongoing SCV Verification
In Single Customer View (SCV), precise and reliable data is crucial. It serves as an essential foundation for safeguarding deposits in credit unions. Setting up a compliant SCV system is just the start. Constant SCV verification is essential for ascertaining its continued efficacy.
Ongoing verification is crucial, Because:
- Regular verification ensures the SCV reflects real-time changes and maintains accuracy.
- Helps credit unions to identify and rectify errors before they turn out to be significant issues.
- Demonstrates a proactive approach to data quality and prepares the credit union for periodic reviews by the Prudential Regulation Authority (PRA).
- Accurate SCV data is critical for effective risk management.
Ongoing SCV Verification Strategies
Automated Data Cleansing and Validation:
Use fully automated FSCS SCV reporting solution to identify and rectify inconsistencies, missing data points, and duplicate entries.Regular Reconciliation with Source Systems:
Ensure consistency and accuracy by reconciling SCV data with the core banking system and other relevant sources.Internal Audits and Reviews:
Conduct periodic internal audits of SCV data and reporting processes against source documents.Third-Party Data Verification:
Partner with third-party service providers for independent assessment of SCV data accuracy.
Beyond Compliance: FSCS SCV's Importance
The benefits of SCV compliance go beyond regulatory requirements. An appropriately managed SCV system can improve internal processes at a credit union by following means:
- More effective account management and better service delivery are made possible by consolidated customer data.
- Precise data helps credit unions create member-focused products and services, promoting data-driven decision making.
- Early error identification prevents costly downstream issues, resulting in reduced operational costs.
- A comprehensive customer view improves risk identification and management, making the credit union and its members safer.
Collaboration is Key
SCV verification is not a daunting task credit unions endure alone. Engaging in partnerships with credible entities can notably enhance the SCV workflow. Here’s where Macro Global steps in, offering robust solutions – SCV Forza and SCV Alliance – that empower credit unions to safeguard depositors through efficient SCV management.
SCV Forza: Championing Data Accuracy and Efficiency
- Automates data gathering, validation, and report generation, ensuring timely and accurate submission of SCV data to the FSCS.
- SCV Forza automates data cleaning and enrichment, addressing inaccurate or incomplete data.
- Integrates with trusted third-party sources to enrich data with valuable details. to enrich data with valuable details.
- SCV Forza promotes robust data governance practices, establishing clear data ownership, access controls, and quality standards.
SCV Alliance: Bolstering Compliance and Risk Management
- SCV Alliance facilitates ongoing verification of customer data for accurate FSCS SCV reporting, offering tools for data reconciliation, discrepancies identification, and regular data quality checks.
- Provides updates and guidance on evolving SCV regulations, minimising risk of regulatory interventions and penalties.
- Offers data analytics capabilities for proactive risk mitigation strategies.
- Enhances data quality via clean & accurate data.
- Streamlines reporting processes.
- Reduces risks by minimising errors and inconsistencies.
- Demonstrates compliance through adherence to SCV regulations.
Moreover, Macro Global’s team of SCV experts provides deep industry knowledge, regulatory insights, implementation guidance, and ongoing support to credit unions, ensuring compliance with SCV regulations, smooth transitions to SCV Forza and SCV Alliance, and addressing challenges.
Take the first step towards stronger depositor protection and efficient SCV management with Macro Global. Contact our SCV specialists and request a free demo!
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
2024 Supervisory Agenda: The PRA Sets Expectations for International Banks
The Prudential Regulation Authority (PRA) has recently released its priorities for international banks and designated investment firms operating in the United Kingdom for 2024 through its “Dear CEO” letter, emphasising the need for strong governance, risk management, and controls to identify, assess, and successfully minimise risks in a competitive operational environment. And PRA’s primary priorities in 2024 are as follows:
Risk Management and Controls
PRA advised non-bank financial institutions (NBFI) to address equity financing difficulties raised in the 2021 and the subsequent “Dear CEO” letters on fixed income financing. Additionally, the following were underscored as its primary concerns:
- Recommends firms avoid segregating risk management and instead consider its ramifications for other businesses.
- Places exclusive attention on counterparty credit risks and secured financing, particularly in relation to non-bank financial institutions.
- Encourages firms to improve their abilities in detecting and evaluating correlations among multiple clients’ financing activities.
- Emphasises market depth, as quantitative tightening diminishes financial system reserves.
- Advocates for the adaptation of risk management frameworks to dynamic macroenvironments, encompassing the potential risks posed by distributed ledger technologies and generative AI.
Financial Resilience
The key message of the Prudential Regulation Authority (PRA) to financial institutions is to emphasise the importance of managing financial resilience in the face of challenging and uncertain global economic conditions. This involves:
- Maintaining robust treasury management.
- Effectively managing credit portfolios.
- Anticipating ongoing engagement with the PRA on counterparty and credit risk.
- Urging to prepare for the implementation of Basel 3.1 standards.
- Proactively considering changes in funding and liquidity conditions.
- Addressing climate-related financial risks by developing processes to identify, measure, manage, and mitigate these risks.
Operational Resilience
As per the supervisory statement 1/21, the firms must demonstrate the ability to remain within impact tolerances for all important business services (IBS) by March 2025. The PRA anticipates inclusion of the following in the firms’ operational resilience programmes:
- Should have a clear plan to identify and rectify vulnerabilities affecting IBS delivery.
- Resource identification for each IBS.
- Conduct tests using severe yet plausible scenarios to learn from operational disruptions.
- Scenarios should include cyber-related disruptions to understand recovery needs.
- Boards and senior management should actively oversee the delivery of their firms’ operational resilience programme.
- Engagements with third-party providers should be managed in line with supervisory statement 2/21 and firms should consider the impact of outsourcing and third-party relationships on IBS.
- As the RTGS Core Ledger is scheduled to be replaced in June 2024, RTGS Account Holders are expected to manage changes appropriately, participate in the Bank of England’s testing, and go-live activities.
Data Risks
PRA signifies to the financial institutions that accurate, timely, and comprehensive regulatory returns are the foundation of efficient supervision.
- They demand that firms take remedial actions and maintain a steadfast commitment to regulatory reporting in light of the shortcomings they identify in data, governance, systems, and production controls that are associated with regulatory reporting.
- PRA also specifies that targeted supervisory tools and skilled person evaluations will continue to be utilised in this domain through 2024.
Expected Actions from Financial Institutions
Thus, financial institutions are expected to take compelling actions in response to the “Dear CEO” letter from the Prudential Regulation Authority (PRA) regarding its 2024 priorities:
- PRA encourages firms to incorporate precise information, structures, processes, and capabilities into their risk management and governance frameworks.
- The PRA prioritises the need to sustain a robust risk culture, fostering inclusivity and diversity, and establishing guidelines for succession of board and executives.
- It expects firms to have innovative risk management strategies due to emerging technology threats.
- Be forward-thinking in scenario planning to manage extreme tail events effectively.
Consistent with the enumerated priorities, the PRA will persist in overseeing and requesting confirmation that the governance, risk management, and control frameworks of firms are adjusting to the evolving environment.
How Macro Global Empowers International Banks to Address the PRA's 2024 Dear CEO Letter
Macro Global, with its industry leading SCV Forza and SCV Alliance platforms, can directly address the critical areas outlined by the PRA’s Dear CEO letter, helping international banks achieve FSCS compliance, focus on financial & operational resilience, and data governance, and enhance their overall risk management framework.
Addressing Key PRA Priorities:
- Macro Global’s data cleansing and enrichment processes ensure clean, accurate data for stress testing, scenario planning, and risk management.
- Automated reporting with SCV Forza and SCV Alliance platforms improves data collection, validation, and reporting processes, verifying data accuracy and completeness.
- SCV Forza’s data analytics capabilities help banks prioritise remediation efforts based on risk classification (e.g., High, Medium, Low).
- Macro Global’s consultants provide guidance on implementing effective data governance practices, verifying data accuracy and completeness.
- Enables comprehensive audit trials and data reconciliation, fostering transparency and accountability for regulatory scrutiny.
- Macro Global’s solutions ensure adherence to regulatory reporting requirements, minimising the risk of penalties and regulatory interventions.
- Integration with FCA DB, Royal Mail DB through API, Companies House, Charities Register, BFPO Address, OFAC Sanction customer check enhances data quality and compliance.
- Secure data transmission through encryption and robust access controls minimise cyberattack threats.
Macro Global’s solutions empower banks to achieve demonstrably high data quality, operational resilience, and effective controls, ensuring compliance with the PRA’s latest directives and fostering a solid foundation for long-term success.
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
Customer Pain Points & Solutions – Fully Resolved
The Financial Services Compensation Scheme (FSCS), a UK regulatory agency, protects customers in the unlikely scenario of the failure of financial services firms by compensating the eligible depositors and policyholders of the firm suitably. Financial services firms are obligated to submit a Single Customer View (SCV) report, encompassing personal information, account particulars, and compensation eligibility criteria, within 24 hours of its failure.
SCV reporting is essential for ensuring regulatory compliance, minimising the risk of errors and fraud, and processing claims in a timely and accurate manner. SCV data must be updated regularly by financial services firms. Understanding the FSCS and SCV reporting helps firms comply and protect customers.
Top Challenges faced by financial institutions
Without having a Single Customer View application and real-time insights in place, organisations struggle to deliver renown outcomes and may even result in dissatisfaction and even churn.
Let us look at the top 3 challenges and the resultant bottlenecks faced by the financial institutions.
Relying on Legacy System
This is first and topmost challenge that most of the businesses today have access to an unprecedented amount of customer data.Infrastructure Complexity
The absence of proper infrastructure is preventing banks from effectively managing the situation, in turn seriously affecting the performance of business-critical applications.Operational Effectiveness
IT departments spend 60 to 90% of their budgets managing and maintaining older systems, leaving little left over for new initiatives.
Impacts of Data Quality in SCV reporting
Data quality is of utmost importance within the framework of the Financial Services Compensation Scheme (FSCS) to ensure accurate, consistent, and reliable customer information.
As it determines the efficacy of validating customer data from various sources and connecting customer touchpoints, data quality is critical to maintain a Single Customer View (SCV).
The presence of inaccurate or inconsistent data may hinder the FSCS’s capacity to identify and consolidate customer information, thereby impeding its ability to deliver compliant and efficient services.
Navigating the Customer Data: Common Challenges
Guaranteeing data integrity frequently poses an immense challenge that includes:
Poor data quality
Characterised by inconsistencies, missing information, and obsolete entries.Data Privacy and Protection:
Characterised by improper control of customer data, risk of unauthorised access leading to data breach.Data duplication
Multiple data entries for the same customer, causing confusion and improper analysis.Inaccurate account holder and customer information
Customer’s names, addresses, and contact information that are not accurate can also impede communication and result in lost opportunities.Inaccurate account segregations
Makes it hard to track key metrics and generate insightful reports.Poor data aggregation
Inability to integrate and structure data from multiple sources hamper the development of a comprehensive customer perspective and hinder decision-making.
Improving data quality impacts various aspects of business operations, such as
- Ensuring timely submission SCV reports
- Achieving compliance with global regulatory privacy standards
- Managing fraud by preventing fake accounts
- Leveraging business intelligence for informed strategies
- Gaining valuable customer insights
- Increasing productivity by streamlining operational processes
Automate your SCV Report Generation
Our FSCS SCV Audit & Automation solution helps you tackle the challenges around gaining a Single Customer View and develop data quality to promote efficiency in operational readiness and improve accuracy in FSCS SCV Regulatory reporting.
We will be able to help you in whatever the stage of your regulatory reporting programs and we are sure you will not be disappointed rather surprised with our offerings and customer success stories. Here is how our all-in-one FSCS SCV Enterprise Solution Suite helps financial institutions to overcome data issues.
Poor Data Quality:
Our SCV Forza – FSCS SCV Automation platform will engage only cleansed data for SCV output generation using Gap study and staging area data.Data Privacy and Protection:
All the SCV related information will be kept in the FSCS SCV server and the SCV output files will only be allowed for authorised users. SCV output files for FSCS submission are highly encrypted and protected with complex password mechanism.Data Duplication:
Data Duplication which is the high-risk issue in SCV files which are managed by the SCV Forza – FSCS SCV Automation platform by using AI based fuzzy logic validations and mechanism.Inaccurate Customer & Account Holder Information:
Customer and Account information are taken from the Core Banking Solutions or staging area in order to comply with the minimum data requirements in SCV files.Poor FSCS standards followed on SCV files generations:
All the FSCS specified standards are strictly followed within our SCV automation platform and the reports are produced with high level accuracy and full compliance.Inaccurate Reporting and Less Informed Decisions:
FSCS SCV Data output at the FSCS SCV report submission will only be carried out after successful validations and mandatory conditional validations demanded by FSCS.Inaccurate Account segregations:
Account segregations are carefully managed using linked accounts and relationship datasets and an accurate reporting is carried out ensuring utmost data integration.Poor Data Aggregation:
Data aggregations will be managed by our SCV Forza – FSCS SCV Automation intelligent platform and an accurate reporting to the satisfaction of FSCS will be ensured.
Our Competitive Advantages
FCA Recognition
We are recognised by the FCA for electronic submissions to RegData, signifying our position as a trusted and FCA recognised independent FSCS SCV regulatory reporting software vendor.
Third-Party Integration
Allows for seamless integration with third-party tools, empowering you to leverage a comprehensive compliance ecosystem.
Automated Regulatory Updates
Our reporting software benefits from periodic regulatory upgrades, guaranteeing you always operate in compliance with the latest regulations.
AI-Powered Algorithms
Utilises AI-based algorithms to automate tasks and generate data-driven insights, enhancing efficiency and accuracy.
Scalable
You can access customer data of any size, ensuring that our solution scales effectively to accommodate your growing business needs.
Optimised
Highly customisable API and the FSCS single customer view reporting application is well optimised for your data environment. This eliminates performance bottlenecks and guarantees smooth operation regardless of data volume.
Insights
Our consultant’s combined Subject Matter Expertise is 70 plus years, and you can fully rely on the quality and integrity of our solution, leveraging this expertise to proactively identify and address potential regulatory challenges.
Screen Data
We help you to screen data with FCA DB, Royal Mail DB through API, Companies House, Charities Register, BFPO Address, OFAC Sanction customer check.
Classified Risks
Well classified SCV audit risks – High, medium, low risk flags for prioritising remediation efforts. This data-driven approach streamlines your remediation process and ensures efficient allocation of resources.
Compare
You can easily compare past single customer view audit reports into benchmark actionable items, empowering you to identify trends and continuously improve your SCV practices.
Analytics
Dozens of reports tick every box for FSCS regulatory compliance requirements. These comprehensive reports provide actionable insights to optimise your compliance posture.
Data Orchestration
Generic Plug-in APIs to any core banking system or data points. This ensures seamless integration with your existing infrastructure, eliminating data silos and streamlining the reporting process.
Fulfilment
We engage start to finish of your FSCS journey with complete handholding, providing ongoing support to ensure smooth and successful implementation.
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
FSCS SCV Reporting Gets Smarter with AI
AI has transformed the way businesses handle intricate and dynamic compliance issues. They automate and streamline labor-intensive compliance operations, assist financial institutions to process massive volumes of data, generate predictive insights, and get through the complicated regulatory world more quickly, accurately, and easily.
Let us explore the significant influence of AI on FSCS SCV reporting in this article.
Exploring the Role of AI in FSCS Operations
FSCS (Financial Services Compensation Scheme) embraced artificial intelligence (AI) to help process claims, specifically in the London Capital & Finance plc (LCF) case. The sheer volume of evidence and claims required a more efficient solution, leading FSCS to work with partners like Capita, Capgemini, and Microsoft to develop a system using voice-to-text technology to analyse phone recordings.
This AI-driven approach allowed claim handlers to search for specific keywords and phrases in the text, saving time and effort compared to manually listening to each call recording.
By utilising AI, FSCS could start paying compensation to LCF customers earlier than anticipated, halve processing costs, and save customers time and effort in making claims. Despite initial challenges with accuracy, FSCS improved the AI system through machine learning, ensuring more precise outcomes.
The success of AI in the LCF case has led FSCS to consider its future applications in handling high volumes of claims efficiently and cost-effectively. FSCS continues to review and enhance the accuracy of AI results, aiming to leverage this technology further in claims processing.
How should Banks and FIs update themselves with AI for FSCS reporting?
Educate Staff:
Banks and FIs should educate and teach risk managers, technical teams, and senior management about AI in financial services. This training should encompass an examination of both Predictive and Generative AI, in addition to the risks and mitigation strategies associated with both.
Establish AI Governance and Risk Frameworks:
Banks and FIs must create robust AI governance and risk frameworks to meet financial industry AI adoption issues. These frameworks ought to cover consumer results, data privacy, security, accountability, and openness.
Collaborate with Regulators:
Banks and FIs should work with regulators to comply with changing AI legislation. This partnership can foster an environment that is seamless and effective in the implementation of AI.
Adopt Vendor Governance Processes:
Banks and FIs must implement strong mechanisms to mitigate risks associated with acquiring and integrating third-party Generative AI systems. This applies to the management of data, models, and the risk of misuse associated with third parties.
Incorporate AI into Entire Strategy:
Instead of considering AI as a set of discrete solutions, banks and FIs should use it as a ‘system solution’ to improve analysis and decision-making.
Financial institutions should recognise that AI’s value creation will occur in stages and invest in foundational systems that are in line with the potential value creation across these phases.
AI's Impact on Customer Data: Addressing Inaccuracy, Segregation, Duplication, and Cleaning
Customer data is an invaluable resource for organisations in the era of huge amounts of data. However, upholding precise, clean and structured data can present an immense challenge. AI has become a powerful tool for dealing with prevalent issues such as
Inaccurate Customer & Account Holder Information:
Typos, outdated information, and inconsistent formats can lead to errors and inefficiencies.Account Segregations:
Multiple accounts might exist for the same customer due to different branches, products, or historical mergers.Data Duplication:
Redundant entries can inflate customer counts and skew data analysis.Data Cleaning:
Finding and fixing these issues manually takes time and is prone to error.
Addressing Inaccurate Customer & Account Holder Information
Data Matching and Enrichment:
To find and fix inconsistencies, AI algorithms can compare customer data against a wide range of data sources, including internal databases, social media sites (with permission), credit bureaus, and social media platforms.Anomaly Detection:
AI can analyse data trends and identify anomalies such as strange addresses, phone numbers, or email addresses, urging further inquiry and possible data correction.Natural Language Processing (NLP):
By utilising NLP to comprehend and extract pertinent information from unstructured data sources such as legacy onboarding forms used on various applications, and emails, it is possible to augment customer profiles with supplementary particulars.
Identifying and Addressing Account Segregations
Customer 360 View:
By analysing customer behaviour, transaction patterns, and account information, AI is capable of identifying potential connections between accounts that appear to be unrelated. This process aids in the integration of consumer data into a unified profile, thereby furnishing an extensive view of their connection with the organisation.Clustering Algorithms:
AI can classify clients based on shared traits, purchasing habits, or geographical areas. This could help identify instances where a single person has many accounts and facilitate the merging of segregated accounts.Machine Learning:
The past information can be used to train machine learning models to recognise account segregation patterns and merge duplicate accounts.
Eliminating Data Duplication
Techniques for Deduplication:
AI-driven algorithms can detect and remove duplicate items from several data sets using a range of techniques, such as fuzzy matching and probabilistic record linking.Data Profiling:
AI can create typical client profiles via analysing data attributes. Disparities between these profiles could indicate duplicates needing additional study.Entity Resolution:
AI-based entity resolution can find and merge records for the same entity (e.g., customer) even if reported differently.
Enhancing the Process of Data Cleaning
Automated Data Cleansing:
Repetitive duties such as correcting typographical errors, formatting inconsistencies, and standardising data formats can be automated by AI algorithms.Rule-Based Cleaning:
AI can be programmed with precise rules that detect and rectify prevalent data quality concerns, including invalid entries or missing values.Active Learning:
AI models can evolve by identifying data quality issues and recommending the right cleaning methods.
Optimising the FSCS Single Customer View: A Look at Macro Global's AI-powered Approach
The AI-based algorithms incorporated into Macro Global’s FSCS SCV (Single Customer View) products such as SCV Alliance and SCV Forza play a crucial role in enhancing the efficacy and functionality of the FSCS SCV reporting solutions provided to financial institutions.
Here are some key aspects where AI algorithms are prominently utilised:
Data Accuracy and Validation:
Identify and rectify inaccuracies in customer and account information, ensuring that the FSCS SCV reports are accurate and compliant with regulatory standards.
Data Enrichment and Cleansing:
Help in enriching and reconciling data, thereby improving the overall quality of the FSCS SCV reports.
Automated Compliance:
Validates data against various external databases such as FCA DB, Royal Mail DB through API, Companies House, Charities Register, BFPO Address, OFAC Sanction customer check. streamlines the reporting process, reduces manual efforts and ensures adherence to regulatory standards.
Risk Management:
Identify potential risks and issues within the data through the classification of 175 SCV audit checkpoints. Helps in addressing high and medium-risk data issues promptly.
Operational Efficiency:
Automate processes like data validation, enrichment, and reconciliation, enhancing the speed and accuracy of FSCS SCV reporting.
AI-based algorithms within Macro Global’s SCV Alliance and SCV Forza serve as a foundational technology that underpins aforementioned critical functions, ultimately empowering financial institutions to meet their regulatory obligations effectively and efficiently.
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
Third-Party Integrations for Enhanced Data Validation in FSCS SCV Reporting
Have you ever been concerned that a single error in your FSCS SCV report could result in a negative outcome with the regulators? Yes! Inaccurate data in FSCS SCV reports presents potential risks for the financial institution and its customers.
Think of trusted databases like the FCA or Companies House as intelligence agents who look for errors and possible risks in your personal data before they become compliance issues.
This blog examines how these integration tools function, from risk classification (high, medium, low risks) to hidden threats like duplicate entries and missing information. Additionally, we will investigate the potential of these validation tools to optimise your productivity, thereby saving you time and resources.
Third-Party Integrations for Enhanced Data Validation
Third-party integrations of trusted databases maintained by independent organisations such as FCA DB, Royal Mail DB through API, Companies House, Charities Register, BFPO Address, OFAC Sanction customer check. provide dependable and effective solutions for the verification of diverse data points against multiple sources. Ensuring the accuracy of data, mitigating the risk of fraud, and optimising business operations are all its critical objectives.
The selection of optimal integration for your needs depends on the data sources, volume of data, integration complexity, cost, data privacy regulations, and security measures of the platform.
Third-party platforms offer various integration options, including APIs for automating data validation, web services for user-friendly interfaces, bulk upload tools for efficient one-time uploads of large datasets, and batch processing for offline verification and later results.
Here’s a breakdown of few of the extensive array of trusted sources against which the customer data is validated by third party integrations:
FCA (Financial Conduct Authority) Register
Companies with Entries in Register
The information contained in the “FCA Register” database pertaining to non-individual customers (companies) is returned by this validation. A match between a company number or name and the “FCA Register” database will provide additional details. The company details must be evaluated by the bank and subsequently transferred to an ineligible pot, contingent upon factors such as the firm type, firm legal status, firm authorisation status, or firm permission status.
Companies House/ Charities Register
Invalid UK Company Registration Number
When a company’s registration number does not exist or does not match the “UK Companies House Registry” or “UK Charity Registry,” this validation returns non-individual customer details for residents of the UK. The bank will conduct a comprehensive analysis to identify any irregularities to facilitate data cleansing on the company name/number, ensuring that it corresponds to the registered legal name.
Invalid UK Company Registration Number but Possible Match Found in Companies House Registry
The validation process returns non-individual customer details with invalid company numbers, but whose company name matches the company’s house database. Special characters are removed, and a partial search is performed with a tolerance level above 80%. The bank checks the accuracy of the partially matched company name with address details.
Possible Multiple Entities under One SCVRN Number
The FSCS guidelines require multiple customers not to be reported in a single SCVRN. The validation process extracts company names with joining terms, matches them with the company’s house registry, and reports any matching part names in the exception report.
BFPO Dataset
Incorrect Positioning of BFPO Address
According to the FSCS, the BFPO number must be in the final line of the address, the country field must be blank, and the postcode must be reported if the address has one. By examining the postcode format (BF) and determining whether any of the address lines contains the text BFPO, this validation determines whether the customer has a BFPO address. This validation verifies the BFPO number reporting position and country field emptiness if the customer’s address is BFPO. If the BFPO address fails to meet the FSCS requirements, this information is logged in the exception report.Loqate Dataset
Invalid UK Postcode
The postcode is required for customers residing in the United Kingdom, as per FSCS guidelines. It returns UK customer addresses without postcodes, invalid postcodes, or incorrect postcode formats.UK Postcode exists in NON-UK Address
Also, this validation returns customer details from non-UK countries with valid UK postcodes.UK and OFAC Sanction Dataset
Possible Sanction Customers
This validation compares the customer’s name to the sanction lists of the United Kingdom and OFAC. If a customer’s name matches, the exception report will include that customer’s information.Classifying Potential Risks in FSCS SCV Reporting
Inaccurate data in FSCS SCV reports presents potential risks for the financial institution and its customers. Hence, FSCS SCV has a standard that classifies and considers risks as high, medium, or low. To ensure FSCS compliance, the financial institution must address the high and medium risks associated with the reporting data.
High Risk
FSCS considers the following high-risk items in the customer data that should be corrected to mitigate compliance risks and maintain “Green Status Adherence” with PRA.
Example:
- Missing Customer Name
- Missing/Invalid Customer Title
- Missing UK Address Line-1
- Incorrect Account Hold Indicator
- Invalid/Missing UK Postcode
- Duplicate Customer exist in Customer information output file
- First Forename only exist
- Exclusion Type value exist in SCV file
- Data Format issue
- Invalid Account Status Code
- Duplicate Passport Number
- Companies with entries in FCA register
- Field Missing in SCV/Exclusion file
Medium Risk
FSCS categorises the following data points within Single Customer View (SCV) reports as medium risk factors, which must be fixed to ensure smoother and more efficient SCV reporting.
Example:
- Missing Customer Date of Birth
- Customer Name in Address Fields
- Special Character Exist in Customer Details
- Invalid Postcode in Non-UK Customer address
- Missing/Invalid National Insurance Number
- Duplicate/Invalid Email address
- Duplicate/Invalid Main phone number
- Missing IBAN
- Invalid IBAN
- Missing/Invalid BIC
- Missing/Invalid UK Company Registration Number
- Missing or Invalid Product Type
- Unusual Characters in Customer name
- Address Lines Duplicated
Low Risk
The following items have been categorised as low risk by FSCS. Organisations must address those to maintain data integrity and ensure comprehensive SCV reporting.
Example:
- Missing Sort code
- Missing or Invalid “Recent Transactions” status
- Missing or Invalid “Structured deposit account” flag
- Unusual Characters in Product Name
- Address Line 2 Too Short
- Unusual Characters in Account Title
Unlocking the Power of Third-Party Integrations
Greater Data Accuracy and Consistency
- Safeguard against the potential for human error.
- Auto-synchronise data across platforms to avoid discrepancies.
- Improve the credibility of data by gaining access to recent and reliable information from trusted sources.
Deter Fraudulent Activities
- Verify real-time data against reliable databases to identify suspicious activity.
- Secure your resources and reputation from fraudulent claims and transactions.
- Strengthen your capacity to satisfy regulatory mandates pertaining to KYC responsibilities.
Improve Operational Efficiencies
- Automate repetitive data tasks.
- Redirect your team’s attention to higher-value tasks.
- Reduce manual intervention and delays by seamlessly integrating data from multiple sources.
- Prioritise strategic tasks to optimise resource allocation.
Enhanced Compliance with Regulatory Requirements
- Built-in compliance features in third-party integrations simplify regulatory compliance.
- Centralised and automated data management simplifies audit trials and reporting.
- Data practices are in accordance with the ever-changing regulatory demands.
Simplifying SCV Reporting with Macro Global’s Solution
It can be difficult and time-consuming to administer Single Customer View (SCV) reporting. Macro Global is cognizant of these challenges and provides all-encompassing solutions to optimise your SCV reporting procedure, thereby guaranteeing accuracy as well as efficiency.
Presenting SCV Alliance and SCV Forza
- SCV Alliance enables your organisation of any size to effortlessly comply with FSCS SCV reporting requirements owing to its customisable design, intuitive user interface, and seamless integration with existing infrastructure.
- SCV Forza is a sophisticated solution that enhances the efficiency of the SCV reporting by leveraging advanced automation and artificial intelligence (AI) technologies to streamline processes such as data extraction, cleaning, and validation, thereby reducing the need for human intervention and increasing efficiency.
At the core of both SCV Alliance and SCV Forza lies the power of robust third-party integrations. These integrations connect your systems to various trusted databases, enabling automated data validation against
- FCA Database
- Royal Mail DB through API
- Companies House
- Charities Register
- BFPO Address
- OFAC Sanction customer check.
These integrations significantly enhance data accuracy and consistency of customer / account holder information, & account segregations, minimising the risk of errors & data duplications, and ensuring your SCV reports are reliable and compliant.
Embrace Efficiency, Reduce Risk
By leveraging Macro Global’s SCV audit and automation solutions, you can:
- Customise best fitting solutions.
- Reduce manual effort and human error.
- Improve data accuracy and consistency.
- Streamline workflows.
- Allows users to drill down data to any level.
- Track, monitor, remediate, and scale up data with minimal man-hours.
- Promote compliance with regulatory requirements.
- Reliable and trustworthy reporting.
Contact Macro Global today to learn more about how our SCV solutions can help you navigate the complexities of FSCS reporting with confidence.
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
SCV Reporting Data Automation for FSCS Compliance
The Prudential Regulation Authority has levied a fine of £57.4 million against a significant financial institution for non-compliance with depositor protection regulations. The fine was primarily due to mismarking eligible deposits and poor audit-control. This emphasises the extent of scrutiny that the FSCS and FCA provided.
Banks & FIs must strengthen their data audit and management practices to increase operational efficiency, protect against regulatory noncompliance, ensure robustness, and boost customer satisfaction.
The Single Customer View (SCV) arises as a solution to this issue. The term “Single Customer View” (SCV) represents a unified and consolidated perspective of all customer information, including personal information, behaviour, and transaction history, spanning various organisational systems and departments.
It assists financial institutions by facilitating fraud prevention, expediting compensation payout processes in the event of a bank failure, and providing a reliable view of customer deposits.
Importance of Automated SCV Reporting Solution
An automated SCV Reporting Solution, or Single Customer View Reporting Solution, holds immense importance for banks and financial institutions regarding FSCS compliance in the UK. Here’s why:
Ensuring FSCS Compliance
Regulatory Requirement:
FSCS mandates regulated firms to submit accurate and timely SCV reports, containing comprehensive data on all eligible deposits held by each customer. Failure to comply can lead to penalties and reputational damage.
Accurate Data & Timely Reporting:
An SCV solution automates data gathering, validation, and consolidation, minimising errors and ensuring adherence to reporting deadlines.
Additional Benefits
Improved Efficiency:
Manual data handling is time-consuming and prone to errors. Automation streamlines the process, freeing up resources for other tasks.Enhanced Risk Management:
A holistic view of customer relationships enables better identification and mitigation of potential risks, safeguarding both institution and depositors.Transparency & Accountability:
Accurate reporting fosters trust with regulators and reinforces stakeholder confidence in the financial system.Operational Savings:
Reduced manual effort and improved data quality lead to cost savings over time.
How is Customer Data is Validated effectively through an automated SCV reporting solution?
Customer data validation provides real-time validation, rectification, and enhancement of customer information, thereby furnishing an all-encompassing customer profile that can be leveraged to prevent fraudulent endeavours, optimise operational efficiencies, guarantee adherence to worldwide privacy regulations, increase customer communications, and more.
Customers can have their name, address, phone, email, and account information validated and updated against hundreds of reliable data sources in under a second. In addition to quality and confidence scores, which are valuable for making informed decisions, the following four-layered process incorporates additional crucial customer information.
- Data Mining
- Data Cleaning
- Data Enrichment
- Reconciliation
Data Mining
- This is the first step of Customer Data Validation which verifies and updates the accuracy of the customer’s primary data such as name, address, phone, email, and account number.
- Each aspect of the customer’s identity is instantaneously validated against legitimate global data sources to ensure that you are commencing with precise particulars prior to executing the subsequent phase of data cleansing.
- The goal is to guarantee complete, accurate, and consistent data from various sources and repositories to prevent errors during convergence.
- Following the dissection of data quality, data issues and solutions are identified and categorised according to risk-based factors.
Data Cleansing
- It involves removing inaccurate, outdated, and corrupt entries from the dataset.
- Deduplication logic efficiently eliminates duplicate data through the identification and linking of strings that contain dissimilar words.
- By streamlining disorganised data and minimising reporting errors, this method improves the value, consistency, and dependability of data held by an organisation.
- Ensures that the refined data set is free from errors and inconsistencies.
Data Enrichment
- Data enrichment is the process of augmenting missing or insufficient data points to improve the quality of the existing information.
- Ensuring adherence to regulatory requirements, the enrichment process places significant emphasis on compliance with standards established by the Financial Services Compensation Scheme (FSCS).
- The utilisation of the refined data to enhance reporting outcomes and adhere to regulatory requirements establishes a feedback mechanism that promotes ongoing progress.
- Clients review and approve data enrichment methods to ensure transparency and ownership of the enriched dataset.
Data Reconciliation
- Reconciliation is performed by comparing and validating data from different sources, such as the Core Banking Solution (CBS) and automation platforms like FSCS SCV Automation Platform, to ensure consistency and accuracy.
- This involves gathering relevant account transaction data, comparing the datasets, verifying those records from different sources match, addressing any discrepancies found, and producing reports to document the process and findings.
- Automation tools streamline this comparison process, reducing manual effort and the potential for errors, ultimately ensuring the accuracy and integrity of financial records.
Macro Global's SCV Powerhouse: Forza & Alliance Tackle Your Toughest Challenges
Achieving complete compliance with the Financial Services Compensation Scheme (FSCS) encompass the following:
- Conducting regular and up-to-date data audits to ensure compliance with strict data governance principles.
- Automating data cleansing and standardisation processes to eliminate inaccuracies.
- Enriching data to enhance customer understanding.
- Ensuring long-term compliance with regulatory guidelines.
Macro Global’s SCV Forza and SCV Alliance are specifically designed to address the above challenges and offer requisite solutions. Here is how they can tackle each of the mentioned challenges:
Balancing Legacy with Agility
Macro Global’s SCV solutions offer a well-architected and out-of-the-box data model and business service layer with improved loading capabilities and data integration. This addresses the challenges related to legacy system limitations, operational inefficiencies, and infrastructure complexities.
Transforming Fragmented Data to Seamless Insights
The SCV solutions include data remediation and enrichment processes that identify issues to reduce the risk of financial penalties, ensuring consistency and accuracy in data.
Overcoming Data Privacy & Protection Roadblocks
Macro Global’s FSCS SCV reporting solutions provide secured data handling and high-level data protection, addressing challenges related to protecting consumer data privacy and adhering to regulatory requirements for data security.
Mastering Data & Staying Compliant
The solutions support de-duplication and cleansing of records and can be integrated with a wide range of scenarios run against a rule set, thereby addressing challenges related to duplicate data and meeting regulatory compliance requirements.
Building a Foundation of Reliable Data
The SCV solutions offer risk-based reporting to understand and analyse data-related business risks, enabling informed decisions and accurate reporting.
Charting Your Course
Macro Global’s SCV solutions unify customer data across internal systems and capture each customer’s activities across all channels, thus addressing challenges related to operational readiness and customer engagement.
Want to know more about our SCV solutions? Contact us now
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Regulatory Reporting in the Financial Sector: A Comprehensive Analysis and Recommendations
The Financial Sector has experienced heightened scrutiny and importance has been placed on the accuracy, reliability, and promptness of data submitted for regulatory reporting. The quality of regulatory returns submitted by designated investment firms, banks, and building societies has become a key area of concern considering recent regulatory supervision and thematic findings.
Let us discuss in detail the further steps for firms to address deficiencies in their SCV regulatory reporting processes.
Challenges Faced by UK FIs in Regulatory Reporting
The following are the important challenges highlighted by PRA.
- An increased risk of material misstatements from firms that did not meet expectations, with historical lack of focus, prioritisation, and investment in this area.
- Governance and ownership issues include dispersed responsibilities, fragmented end-to-end processes, poor understanding and documentation, lack of oversight, and poor governance around key regulatory interpretations.
- Expectation for clear responsibilities, robust processes, independent testing and validation, and corrective action for key interpretations and judgments. And the use of Internal Audit where appropriate, to ensure reliability and accuracy of regulatory returns
- Identified gaps in end-to-end processes for regulatory returns, insufficient controls around models, End User Computing (EUC), lack of reconciliation checks for errors, and high degree of manual intervention.
- Disappointment in poor record-keeping of original model documentation, deficiencies in control environment around models, and inherent risks in document controls due to vulnerability to overwriting.
- Expectation for clear documentation, robust processes and controls, formal and comprehensive reconciliations, and prioritised investment in regulatory reporting in banking to reduce data errors and misstatements.
- Need for strategic investment, focus on robust sourcing of data, clear governance and sign-off for incomplete data, and simpler and more efficient infrastructure.
Overcoming Regulatory Reporting & Compliance Challenges
- Embrace Automation and Technology
- To overcome regulatory reporting issues and satisfy regulatory reporting requirements, banks must harness the power of automation and modern technology. By implementing advanced reporting systems, banks can streamline their reporting processes and ensure data accuracy. Banks can enhance operational efficiency, minimise costs, and mitigate the likelihood of errors by automating data entry, aggregation, and validation through the integration of sophisticated regulatory reporting systems and artificial intelligence technologies.
- Enhance Data Governance and Integration
- Data governance plays a vital role in generating new regulatory reporting standards. Banks need to establish robust data governance frameworks to ensure data quality, integrity, and consistency across various systems and departments. This approach facilitates effective integration of data, enabling banks to obtain a comprehensive view of their operations, enhance reporting accuracy, and minimise regulatory reporting risks.
- Emphasise Regulatory Compliance
- Banks should adopt reporting approaches that align with the regulatory frameworks such as Basel III, IFRS 9, FSCS, AEOI, and GDPR. By adhering to these standards, banks can effectively manage risks, maintain legal and ethical compliance, and reinforce trust among stakeholders.
- Foster Cross-Functional Collaboration
- Effective reporting requires collaboration among different teams within a bank. Collaboration between finance, risk, and IT departments ensures that SCV regulatory reporting processes are aligned, data is accurate, and insights are actionable. By fostering cross-functional collaboration, banks can break down silos, optimise reporting workflows, and enhance their reporting capabilities.
- Collaboration and Knowledge Sharing
- Another effective way to overcome reporting issues is through collaboration and knowledge sharing among financial institutions. By leveraging industry networks and participating in regulatory working groups, firms can exchange best practices, discuss common challenges, and collectively find solutions. This collaborative approach promotes standardisation, consistency, and efficiency in reporting.
- Efficient Data Orchestration
- It requires data from multiple data sources to be orchestrated to prepare the regulatory reporting as per the compliance standards. Data orchestration process that helps them to achieve full compliance by leveraging existing data infrastructure, consolidating and validating data from various sources, enriching data with missing information, automating manual processes, ensuring data governance and auditability, and providing scalability and security. Such solutions streamline compliance processes, improve data accuracy and reporting quality, reduce costs and operational risks, enhance data governance and transparency, and instil greater compliance confidence.
- Continuously Monitor and Adapt
- To generate new regulatory reporting standards, banks must stay agile and adapt to changing business dynamics. It is crucial to continuously monitor and assess reporting processes, identify areas of improvement, and embrace emerging technologies and industry best practices. By staying proactive and adaptable, banks can overcome reporting challenges and drive innovation in their regulatory reporting standards.
- Reporting and Escalation
- Establish robust reporting capabilities to report on changes and issues identified during the monitoring process. Develop clear escalation pathways to an Enterprise Governance, Risk, and Compliance (GRC) platform when issues require further risk management and oversight.
- Role of RegTech in Banks’s Regulatory Reporting
- Financial Institutions (FIs) are increasingly relying on regulatory technologies (RegTech) to streamline processes, optimise workflows, and minimise compliance risks. Financial reporting products offered by RegTech companies automate manual tasks, provide real-time compliance monitoring, streamlines the regulatory reporting obligations, and improves data quality. It also standardises and transforms data from diverse sources, ensuring accuracy and reliability. Benefits of relying on RegTech include reduced compliance costs, improved risk management, enhanced business agility, and stronger investor and regulator relationships. By embracing automation, data cleaning, and intelligent ETL capabilities, FIs can ensure efficient regulatory reporting & compliance, mitigate risks, and achieve greater operational agility in a constantly evolving regulatory landscape.
SCV Forza: A Force for Integrity in Regulatory Reporting in Banking & FIs
Ensuring accurate, reliable regulatory reporting is the cornerstone of a healthy financial sector. Yet, fragmented data, manual processes, and legacy systems often lead to errors, inconsistencies, and compliance failures.
Nevertheless, financial institutions can achieve enhanced efficiency, transparency, and risk management while simultaneously guaranteeing compliance by adopting the recommendations and insights outlined in our analysis with respect to PRA’s guidance.
Besides, Macro Global’s SCV Forza shines as a beacon of integrity in promoting regulatory reporting. SCV Forza is a solution that addresses various challenges related to data management and compliance in the financial industry. It provides a comprehensive view of each customer across all accounts and products, eliminating duplicate reporting and ensuring accurate identification of reportable entities.
The solution utilizes AI technology to automate data extraction and cleaning processes, reducing manual errors and improving reporting efficiency. It also includes a built-in rule engine for data validation against regulatory requirements and integrates with various third-party databases for additional validation.
SCV Forza is built on a secure Azure Cloud architecture with strong data protection measures. It can adapt to evolving regulations swiftly and offers granular reporting and audit trials for transparency and accountability. Additionally, SCV Forza offers business consulting services to help businesses manage data and implement operational best practices.
Thus, by placing strong emphasis on effective data governance, adopting cutting-edge technologies, and cultivating a culture of compliance, the trajectory of regulatory reporting could be noted for proactive involvement and sustained growth. Please do reach out to us to know the latest updates and insights into regulatory reporting landscape and stay resilient.
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SCV Forza
FSCS SCV Automation Platform
How Does the PRA’s New Guidance Protect Consumer Trust in UK Bank Deposits?
Protecting our savings is of utmost importance considering the current unstable financial climate. The maintenance of financial stability requires a foundational trust in the banking system. Consequently, the “Dear CEO” letter from the PRA conveys the regulator’s views on digital money and money-like instruments to chief executive officers of deposit-takers. It provides clear communication, guidance on innovation and risk mitigation, alignment with regulatory initiatives, emphasis on customer protection, expectations for compliance and engagement, and consideration for a proportionate approach to implementation.
These guidelines aim to alleviate concerns regarding potential financial instability, confusion, and contagion and promote efficient FSCS deposit protection. This letter further facilitates understanding and compliance with regulatory expectations in the evolving landscape of digital money. Let us explore the complexities of the guidance intended for enhancing the protection of our deposits in this blog.
Need for Maintaining Bank Deposits
The operations of the financial system and the economy are significantly influenced by the maintenance of bank deposits for several reasons:
- Financial Intermediation:
To promote economic development and growth by directing savings towards productive investments such as loans, credit facilities, etc. - Payment Processing
Facilitating routine business operations, including salary disbursements, expense management, and payment processing for the maintenance of economic liquidity and efficacy. - Interest Revenue
The interest that depositors accrue on their funds serves as a means for businesses and individuals to generate income. - Safety and Security
Banks usually insure deposits in case of failure. This trust and protection encourage depositors to keep their money in the bank. - Monetary Policy Transmission
Deposits allow central banks to control money supply and interest rates by changing reserve requirements and lending rates and help them in managing financial circumstances, inflation, and economic stability. - Financial Stability
Maintaining a strong deposit base is crucial for banks to ensure an uninterrupted lending operation, effective management of liquidity, and resilience in the face of economic disruptions.
Digital E - Money based Tokens for Overcoming Traditional System
Digital E-Money tokens represent an innovative approach with the objective of surmounting conventional payment and settlement systems. To provide a more streamlined, reliable, and adaptable method of carrying out financial transactions, these tokens are often developed using blockchain or distributed ledger technology. The following are several essential features and benefits of digital e-money-based tokens:
- Efficiency
- E-money tokens can minimise banking time and expenses, streamlining payment operations. Decentralised ledger technology can execute and settle transactions in seconds or minutes, unlike the traditional banking system, which might take days for international transactions.
- Accessibility
- The widespread use of digital e-money tokens increases financial inclusion by opening the global economy to people who have no access to conventional banking services. Underprivileged populations in developing nations may benefit most from this.
- Cost Savings
- Digital E-Money based tokens can substantially diminish transaction fees, particularly for cross-border transactions, through the circumvention of intermediaries and utilisation of decentralised systems. This can help organisations and individuals save money on payments.
- Programmable Features
- The integration of smart contracts with digital e-money tokens enables the implementation of programmable features that streamline financial transactions. This programmability allows conditional payments, escrow, and other advanced financial tools. It automates dividend payments, voting rights, and regulatory compliance using smart contracts.
- Security Features
- The implementation of cryptographic methods in digital money tokens reduces the likelihood of fraud and improves security. Additionally, blockchain technology is innately more immune to manipulation and unauthorised access due to its decentralised nature.
- Regulation:
- Many countries, including the UK, regulate security token issuance and trade. Secure digital token providers must comply with legislation, including licences and disclosure obligations.
- Investor Protection:
- As investment products, security tokens must follow investor protection legislation. This entails furnishing precise and transparent information pertaining to the fundamental assets, investment conditions, and associated hazards.
- Fractional Ownership and Accessibility:
- Digital tokens can allow fractional ownership of high-value assets, making investment opportunities more accessible.
- Liquidity and Market Accessibility
- In comparison to conventional securities, digital tokens may provide enhanced liquidity and market accessibility. Nevertheless, this raises additional concerns pertaining to investor education, trading transparency, and market manipulation.
- Despite this, potential risks and obstacles, such as market volatility, cybersecurity concerns, regulatory compliance, and liquidity, must be meticulously evaluated by organisations that offer digital tokens for security purposes. It is imperative to consult legal and regulatory counsel to guarantee that the issuance and trading of security-related digital tokens occurs responsibly and compliantly.
Concerns & Guidance of PRA Regarding innovation in Deposit-Taking Sector
While the Prudential Regulation Authority (PRA) acknowledges the benefits of innovation, it also highlights potential confusion among consumers regarding the level of protection associated with various financial products.
Therefore, the goal of the PRA guidance is to guarantee that deposit-takers successfully manage these risks and to emphasise the importance of transparency, distinct branding, and adequate protections for retail customers, while supporting innovation and competition in the financial sector.
- One specific innovation that the PRA is wary of is the tokenisation of deposits, where savers are issued digital tokens representing their claim against a bank for the money deposited. These tokens can be used for transactions in blockchain systems, offering more flexible uses than traditional deposit products. While these innovations can bring efficiency, gains, and increased accessibility, they also raise concerns about potential consumer confusion regarding the level of FSCS deposit protection associated with such products.
- The PRA is concerned about potential confusion between deposit tokens and other ‘store of value’ financial products, such as e-money and stablecoins. Specifically, the guidance addresses the risk of contagion, where retail customers might mistakenly assume that e-money or regulated stablecoins have the same protections as retail deposits.
- E-money offers pre-paid payment products but lacks the same level of consumer protection as bank deposits. Stablecoins, pegged to a base currency, do not guarantee immediate redemption at par value, and do not benefit from FSCS deposit protection. The PRA guidance emphasises the need for clarity and transparency in financial products and consumer protection.
- To mitigate this risk, deposit-takers are expected to ensure that different forms of digital money are clearly distinguished, and retail customers are fully informed about the protections and risks associated with each type.
- The PRA guidance provides standards for deposit-taking entities that seek to issue E-Money or regulated stablecoins to retail customers. It outlines that such issuance of E-Money or regulated stable coins should be done from separate non-deposit-taking and insolvency-remote entities, with distinct branding to the deposit-taker. This is to ensure that these entities’ failure would not adversely impact the rest of the deposit-taking group and the continuity of its deposit-taking services.
- Furthermore, the guidance addresses situations where firms without a deposit-taking permission have issued e-money or regulated stablecoins to retail customers and later seek to transition these customers to deposits at a deposit-taking entity.
- It also provides standards for deposit-takers intending to innovate in the way they take deposits from retail customers, particularly in the context of transferable ‘tokenised’ deposit claims, ensuring these innovations meet the PRA’s rules for eligibility for depositor protection under the Financial Services Compensation Scheme (FSCS protection limit).
- Additionally, the guidance is relevant for international deposit-takers with UK operations, underlining that the risk of contagion exists independently of the scale of operations, and international deposit-takers are expected to adhere to the same approach as domestic deposit-takers for their UK operations.
- The PRA’s guidance also furnishes deposit-takers with broader objectives regarding wholesale or retail innovations involving digital money or money-like instruments. It delineates potential novel challenges and instructs deposit-takers on how to effectively tackle them to safeguard consumers’ interests and maintain financial stability.
How Deposit-Takers Shape the Financial Landscape
Deposit-takers fulfill an essential function within the financial system through the acceptance and protection of funds contributed by people and businesses. The principal function of deposit-taking institutions, including credit unions, building societies, and banks, is to furnish individuals and organisations with a secure and protected location to deposit their funds.
This function is essential for upholding the “singleness of money” principle, which states that the security of funds should not differ significantly when stored in a bank account or in currency.
The funds entrusted to deposit-takers are employed to deliver credit and lending services to borrowers, including enterprises, individuals, and other borrowers. They contribute to economic expansion by utilising these deposits as collateral for a range of loan purposes, such as mortgage financing, business expansion, and personal financing. By allocating saved funds towards investments, this procedure serves to stimulate economic activity.
In addition, deposit-takers serve a crucial function by offering interest on deposited funds, thereby gradually augmenting the value of the saved capital. With this interest, consumers, and businesses deposit money with these institutions, boosting financial stability and liquidity.
Thus, deposit-takers serve as guardians of funds, contributing to the economic health and stability of the financial system.
SCV Forza: Adding Transparency and Confidence
The PRA’s guidance in promoting customer confidence in UK bank deposits has stirred the pot in the financial sector. While aiming to bolster trust, the new measures have also triggered concerns about increased workload, potential unintended consequences, and the practical effectiveness of the proposed actions.
So, how can banks and FIs navigate this sea of regulatory change while keeping consumer confidence afloat? Macro Global’s SCV Forza emerges as a potential savior, addressing key concerns raised by the PRA’s guidance:
- Acts as a single source of truth, consolidating customer data from diverse sources and ensuring its accuracy through automated validation and reconciliation. Gone are the days of data discrepancies shaking consumer trust.
- Targets compliance with the FSCS SCV reporting requirement and aligns with various PRA and FCA reporting regulations.
- Automates routine reporting tasks, freeing up valuable resources and minimising the risk of human error. Banks can now focus on building rapport with customers, not battling spreadsheets.
- Maintains a meticulous audit trail, leaving a clear path for regulators and customers alike to follow every step of the deposit journey.
By adopting SCV Forza, banks can not only meet the PRA’s expectations but also proactively address the very concerns raised in the industry. In a climate where consumer confidence is paramount, SCV Forza empowers banks to sail through these regulatory changes with confidence, efficiency, and, most importantly, a renewed focus on fostering trust with their customers.
While the PRA lays the foundation, Macro Global’s SCV Forza adds another layer of assurance for financial institutions for FSCS reporting.
Therefore, the PRA’s new guidance and SCV Forza represent a powerful synergy. Together, they represent a collaborative effort to safeguard consumer trust, ensuring financial stability and peace of mind for individuals.
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FSCS SCV Audit Platform
