(9 November 2009 – UK) The United Kingdom’s Financial Services Authority may make changes to the way deposit takers create and maintain customer details to ensure fast payouts under the Financial Services Compensation Scheme.The proposal, which will reportedly cost around £1 billion (A$180 billion), is designed to ensure that banks can execute an accurate list of all customers deposits within 48 hours if they collapse.
The goal is to enable the Financial Services Compensation Scheme to compensate customers within seven days and will require firms to ensure the existence, completeness and accuracy of all data for each depositor across multiple lines of business, called a single customer view (SCV).
The changes to the rules will see the FSA seek to verify and supervise deposit takers data management, leading up to the 2010 implementation deadline.
The FSA said that the rules will require deposit takers to submit periodic information on the status of their SCV development, including pre-implementation reports, implementation reports, SCV reports and the provision of sample data to the Financial Services Compensation Scheme.