Build and maintain compliance of DGSD/PRA Single Customer View files.
The Prudential Regulation Authority (PRA) regulatory standards enforce financial organisations to maintain a high quality and accurate SCV (Single Customer View) file for the FSCS (Financial Services Compensation Scheme) to work with. Since the Deposit Guarantee Scheme Directive (DGSD) came into force, the regulators have increased their scrutiny of files, and media attention has grown, prompting increased appetite among organisations in the UK and Europe to find proactive ways to review and maintain this information.
The compliance challenge
Within the UK, deposit-holding organisations must provide an SCV file to the FSCS on request. With large data sets to process in a short time scale, organisations need a pre-prepared process to ensure they can meet these requirements. However, it is challenging to determine whether the files produced are accurate, complete and in compliance with the regulations.
How SafeDeposit™ can help
SafeDeposit™ is a bespoke data analysis tool that allows for the interrogation of any SCV or Exclusion file, to test against the compliance of the FSCS preferences. This assists with the detection and remediation of any issues within the files before they are submitted.
This detailed analysis includes over 200 tests to identify issues in four main categories:
- Integrity: Is the data internally consistent throughout the files? For example, is a NINO present for a customer with an ISA product?
- Compliance: Do the records and fields comply with the requirements? For example, do you have trust records in the SCV file?
- Data quality: Is the data accurately represented? For example, does the customer first name start with the customers’ title?
- Technical: Are the files formatted correctly? For example, does the file footer conform to specification?
Our team of specialists also provide validation and assurance of the end to end capability delivering SCV submissions to the FSCS along with overall project management support to help mobilise DGSD projects.
In addition to testing the SCV files, our review services can also perform deeper reviews including:
- reviewing relevant documentation and processes; and
- performing a full scale process review and build of new system.
Deloitte has extensive experience of delivering Faster Payout, SCV and other data analytics projects for our financial services clients. For more information contact a member of our team.
Client case studies
Large Multinational Corporate Bank
Through 2015-17 Deloitte helped the bank implement a Depositor Protection SCV system to support their European operations, comprising multiple legal entities, in addition to developing the operational procedures required to deliver the service on an ongoing BAU basis. The SCV system has
Large Multinational Retail Bank
Through 2017-18, Deloitte has been helping this bank to investigate and improve their DGSD reporting and SCV file, running SafeDepositTM tests across several million customer accounts and developing a series of bespoke tests and analyses to probe the findings and understand the root cause of the issues. This has led to a significant improvement in the quality of the SCV files