2.1 Is there an SCV naming convention that deposit takers should use?
- The COMP rules do not require deposit takers to adhere to a specific SCV naming convention.
- However, in order to support secure receipt and management of SCV verification files, FSCS would prefer that deposit takers use the following naming convention:
File naming convention
|FRN||000000||FRN will be a 6 digit numeric value identifying the failed firm|
|Space||“-“ character||ASCII code 45|
|SCV date and time||YYYYMMDDHHMMSS|
|SCV Type||FULL OR SAMPLE|
|File indicator||B||C = fit for straight through payout
O = not fit for straight through payout
B = Combined
|File number||01|| Number files making up the SCV
E.g. if 3 files are sent:
File 1 = 01
File 2 = 02
File 3 = 03
|Suffix||.csv||The file format is not prescribed in
COMP and firms can submit their
SCV files to the Verification solution
provider in other formats.
Firms should provide details in their
Implementation Report that is due to
be submitted to the FSA by 31 Jan
Where firms intend to use their existing Connect Direct link or SFTP, a specific naming convention will be agreed directly with Experian at the time of set up. For existing users, the standard PIF format will be agreed.
2.2 Is the file naming convention specified in Question 2.1 mandatory?
- FSCS recommend that all deposit takers use the preferred file naming convention as it will support the secure and automated receipt of SCV files when they are sent to Experian. However, if deposit takers do not use the preferred file naming convention, FSCS request that the date and time (or a version number) is included in the file name to enable any resubmissions to be identified (should they be necessary).
2.3 How often do deposit takers have to produce SCV files?
- The SCV requirements came into force on 31 December 2010 for all deposit takers except Northern Ireland Credit Unions who are required to comply by 30 September 2012. From these dates, deposit takers must be able to produce an SCV:
1. when requested by the FSA as part of ongoing regulatory monitoring activities; or
2. where a firm is in default within 72 hours of a request being received from the FSCS.
2.4 What format should be used to create the SCV file?
- Deposit takers are required to provide FSA with a description of their SCV format in their Implementation Report.
- While the COMP rules do not prescribe in any detail the format of the SCV verification file, FSCS would prefer to receive SCV verification files that use the information set out in the table below. Firms may opt to use other formats if they so wish.
Physical File Format
|Character set||ASCII||ASCII 7 bit or EBCDIC for Connect Direct Mainframe to Mainframe transfer|
|Record width||Variable||Up to the maximum field lengths specified in the FSCS
|Field delimiter||I||Pipe symbol - ASCII code 24|
|Heading descriptions||No||None required. Field order to be specified by Deposit Taker in the Implementation Report|
|Text field encapsulation||n/a||None required|
|Characters not allowed in
|Characters less than ASCII 32 Any character used as a field delimiter (i.e. pipe)|
|End of line indicator||CRLF||Carriage Return Line Feed (CRLF) ASCII code 13 followed by
ASCII code 10
|End of file indicator||Trailer record||Twenty digits of character ‘9’ e.g. 99999999999999999999|
Please note, the character used as delimiter cannot be used in ANY of the SCV fields. This is particularly important if a comma is selected as the delimiter.
While not prescribed in COMP, FSCS would prefer that file formats be provided with .csv file extensions.
Additionally, in order to reduce upload/transmission times, FSCS asks that files are compressed and password encrypted. Our preferred encryption software is PGP (or winzip if necessary).
Should deposit takers be unable to provide their SCV files with .csv extensions, they should provide details of their proposed format in the Implementation Report.
2.5 Do I have to send multiple files for each table or can my firm just send one file?
While the COMP rules do not prescribe the data structure of the SCV file, FSCS would prefer to receive SCV files in a multi file format containing the fields as specified here and as described in question 8.11
To minimise duplication of customer details it is recommended that files are split as follows:
1. one file containing all fields from table A,B and D with the unique SCV Identifier appearing only once in each record
2. A second file containing all fields from table C with the unique SCV Identifier appearing multiple times (once per account record)
Should firms wish to send a single file, the FSCS requests that these firms note the following:
1. A single file can be provided containing all records (fit for straight through payout / not fit for straight through payout combined), or
2. Two single format files can be sent: one containing fit for straight through payout, the other containing not fit for straight through payout.
3. If a single file format is provided, each record must contain all fields from tables A through D and must contain one record per account;
4. All files should contain a header and footer (preferably in the preferred format in Question 1.4 and 8.13) in a consistent format;
5. The address format must be consistently applied throughout the file (either FORMAT A/PAF or FORMAT B/Multi line); and
6. The file should only contain the fields specified within COMP.
- Should deposit takers choose not to provide the SCV data in the above structure, the FSCS invites these deposit takers to provide details of their proposed data structure, in the Implementation Report.
- For further questions about the submission of the Pre Implementation Report, Implementation Report, SCV Report and SCV sample data, please refer to Section 7.
2.6 I understand I do not need to provide non SCV files for verification, is this right?
Correct. Firms are not required to provide non-SCV files such as the exclusions (beneficiaries and not active).
However, COMP does require that firms are able to identify which accounts (including, for example, client accounts and trust accounts) are held on behalf of beneficiaries who are or who may be eligible claimants. Where this is achieved by using an Account Status Code this code should be included in the Implementation Report
2.7 Is xml a suitable file format to use for the provision of an SCV file?
The file format is not prescribed in COMP and firms can submit their SCV files to the verification solution provider in XML.
Deposit takers are required to provide details of their SCV format in the Implementation Report
2.8 How will deposit takers be required to transmit the SCV verification files to the FSCS?
The FSCS considers security over the receipt, use and destruction of SCV files of paramount importance and will take all necessary steps to protect the personal details of consumers at all times.
Deposit takers are required to provide details of their SCV transmission method to the FSA in their Implementation Report. This information will be shared with the FSCS and the Verification Solution provider (Experian).
While the COMP rules do not provide details on the transmission methods to be used by deposit takers, FSCS would prefer that deposit takers send SCV data in a compressed file using either PGP or Winzip
The FSCS preferred transmission method is SFTP (Secure File Transfer Protocol), however, deposit takers with an existing Connect Direct link to Experian are encouraged to use their existing links where possible.
Other secure transmission channels will be accepted including encrypted email, and physical media,(CD, DVDs, USBs and hard drives). Where physical media is sent , secure courier companies should be used .
Should deposit takers not be able to transmit their SCV data using the methods described above, they should provide details of their proposed transmission method in their Implementation Report.
While csv file formats are preferred, Microsoft Excel and Access files can also be received by the Verification Solution Media Centre at Experian.
2.9 How do deposit takers apply the compensation limit?
Deposit takers must ensure that their systems are capable of performing a ‘limit check’. Such a facility will enable a deposit taker’s system to identify automatically a particular depositor’s compensation entitlement, i.e. the actual figure the FSCS will pay out in accordance with COMP.
Where eligible depositors hold funds above the FSCS compensation limit (currently £85,000) the system should show their entitlement to be £85,000, even though their aggregate balance may be in excess of this.
Deposit takers should note that COMP 17.3.6R requires the SCV Implementation Report to include an explanation of how the limit check (COMP 17.2.5R) has been applied.
For more information on the Implementation Report, please see tables.
2.10 What if the compensation limit changes?
Deposit taker systems should be sufficiently flexible to change the limit as it may change in the future. This limit check is essential, as it allows the FSCS to identify the precise figure of compensation which should be paid out.
Depositors should also note that the FSCS compensation limit is currently £85,000.
Consequently, the SCV systems should be able to apply any relevant adapted limit at any particular date (e.g. any date of insolvency).
2.11 Does a deposit taker’s SCV system have to be able to convert currencies into Sterling?
For those firms that operate accounts in a currency other than sterling, a firm’s system will need to be capable of including any non-sterling accounts in the aggregated and compensatable balances.
All non sterling balances should be converted into sterling and the exchange rate used specified in the Implementation Report
2.12 Which firms are required to maintain an SCV capability?
Every UK incorporated authorised deposit taker is required to adhere to the requirements, together with EEA firms which accept deposits through a UK branch and top up into the FSCS. Non-EEA firms that accept deposits in the UK are also required to maintain an SCV capability.
COMP 17.1.1R defines who the SCV requirements apply to in more detail.
2.13 What additional money laundering checks are required under the SCV COMP rules?
Deposit takers are not required undertake additional money laundering checks over and above those checks they are already legally obliged to complete.