FSCS SCV report submission made easy with our industry leading product SCV Alliance - FSCS SCV Audit Platform
Our SCV Alliance – FSCS SCV Audit Platform is a regulatory reporting solution designed and suitable for the financial institution to control, automate and flexible to meet ever-increasing regulatory requirements.
It is a complete and compliant FSCS SCV audit solution capable of automatically validating SCV data and comply with FSCS requirements to report on-demand in 24 hours.
Our FSCS SCV Audit report helps you identify inaccuracies and put processes in place to prevent penalties and ensure that your data is duplicate free, consistent and accurate.
Our SCV Alliance – FSCS SCV Audit Platform provides data insights and allows you to correctly identify the individuals and entities to be reported, including exclusion, effectiveness and completeness reports.
Business Benefits
- The Business Consulting team offers support on the Governance and operational practices in the FSCS regulatory reporting landscape and ensure that our solution is compliant with current or future FSCS regulation.
- Fully automated and allowing validation, data enrichment, and managing account/customer rules.
- Assign different user roles for control over editing of details and submissions.
- Our solution generates a data validation report based on current requirements and issues reported by FSCS.
- Assistance to submit required documents as per the FSCS requirements.
- A risk-based detailed report including the customer and accounts that have not been covered in the mandated output file.
- A proven, working solution successfully being used by our clients over 10 plus years to complete their submissions.
- We monitor and manage the implementation activities for financial institutions to achieve the objectives within the regulatory timeline.
- Data validation reporting to analyse reportable data and highlight any data formatting issues that conflict with the mandatory fields.
- A full audit trail which captures exact user details and time stamp.
- Exclusion reports include dormant, disputed, sanctioned, and beneficiary accounts.
- High-level statistics and summaries on the amount of reportable account/customer which enacts as a guide to complete the Effectiveness report.
- Our exception reports would greatly support the financial institutions to update the inaccurate information prior to submission and submit the SCV output file with greater confidence.
- Quick to implement and a cost-effective long-term solution for FSCS regulatory reporting.
SCV Alliance: Effortless FSCS Single Customer View Reporting with Industry-Leading Technology
Validate & Transform
Macro Global’s SCV Alliance leverages advanced technology to ensure the accuracy and consistency of your FSCS Single Customer View (SCV) reporting. Our validation and transformation process includes:
- Rigorous data validation: Compare your SCV input data against third-party sources like the FCA DB, Royal Mail DB through API, Companies House, Charities Register, BFPO Address, OFAC Sanction customer check to identify discrepancies in customer and account holder information.
- AI-powered anomaly detection: Our AI-based algorithms and fuzzy logic detect anomalies such as inaccurate customer information, account segregations, and data duplication.
- Data quality improvement: Eliminate data duplication by merging or removing redundant records and resolve account segregation discrepancies through data analysis and reconciliation.
- Comprehensive customer view: Aggregate data from multiple sources to create a comprehensive and accurate single customer view.
Audit & Screening
To guarantee the integrity of your SCV report, a rigorous audit is conducted using our proprietary SCV Alliance tool:
- Aligns with PRA’s data validation rules: Our tool adheres to the strict guidelines set by the Prudential Regulation Authority.
- Contains over 175 predefined checkpoints: Assess your data against a comprehensive set of criteria.
- Identifies potential high, medium, & low risks: SCV Alliance employs advanced AI logics and algorithms and external data sets to discover and report high, medium, and low-risk data issues. This helps you identify any inconsistencies or anomalies that could jeopardise the accuracy of your report, ensuring that your FSCS SCV reporting files comply with all regulatory standards.
SCV Report Generation
Generation of Exclusion View File: This file contains appropriate exclusions from the SCV report, including legally dormant accounts, legally disputed accounts, sanctioned accounts, and beneficiary accounts. If there are no accounts to include in an Exclusions View file, the financial institution needs to confirm this with FSCS in the SCV Effectiveness Report.
- Generation of FSCS SCV Report: The SCV report is generated adhering to FSCS requirements in the following specification:
- The SCV file structure: Consisting of four tables such as customer details, contact details, details of accounts, and aggregate balance details, each with specific requirements for data fields.
- Acceptable File Types: Excel, XML, and Text.
- File names: adherence to specific formats, including the use of the firm’s reference number and the date and time the file was created
- Enhanced data quality: Our advanced validation and transformation processes ensure accurate and consistent data.
- Reduced risk: Our audit and screening process helps identify and mitigate potential risks.
- Increased efficiency: Our automated tools streamline the FSCS SCV reporting process.
- Improved compliance: Our solution ensures adherence to FSCS and PRA regulations.
- Enhanced customer experience: Accurate and complete customer data leads to better customer service.
SCV Alliance
FSCS SCV Audit Platform
