Single customer view
From 31 December 2010, the Deposit Guarantee Schemes Directive (DGSD) required deposit guarantee schemes (i.e. FSCS in the UK) to pay out compensation within 20 business days of the default of a deposit taker.
A key element of meeting these reforms was the requirement on deposit takers to develop a single customer view (SCV). The provision of a SCV provides the FSCS with the information required to make a fast payout, with a payout target of seven days from default and in any event within the DGSD timeframes.
Since the new rules were introduced a small number of deposit taker defaults have occurred and in each instance, by using the SCV, the FSCS has been able to make payment to eligible deposits in less than seven days.
In April 2014, the European Commission published the recast DGSD for implementation by European member states. As a result in October 2014, the Prudential Regulation Authority (PRA) proposed a number of changes to its rules on creating an SCV in CP20/14. The rules determine how firms should submit information to FSCS on eligible deposits to enable faster payout.
Most changes are effective from December 2016, although firms already subject to SCV requirements will need to make some minor adjustments from 3 July 2015 to support recast DGSD requirements. In addition, new rules have been introduced reflecting lessons learned from the last four years and to support continuity of access to deposits in resolution. Please refer to the list of Consultation Papers and Policy Statements below.
Guide to SCV
FSCS has produced a "Guide to SCV" to help deposit takers with their SCV submissions.
Our primary objective is to answer questions that relate to the format and transmission of SCV files. Regulatory matters remain solely for the Prudential Regulation Authority (PRA).
Please note, the information contained within the Guide should not be relied on as legally definitive, conclusive or comprehensive. FSCS cannot accept responsibility for any errors or omissions or any act arising from them. If deposit takers have any doubts about a particular regulatory requirement, they are strongly recommended to seek their own expert advice.
FSCS has produced the following PGP encryption guide and public key file.
- FSCS PGP Encryption User Guide
- FSCS Verification Services Public Key - please right click on the link and save the key file to your drive where it can be used as instructed in the above guide.
Consultation papers and policy statements
October 2014 - PRA Consultation Paper
October 2014 - PRA Discussion Paper
Arpil 2015 - PRA Consultation Paper
April 2015 - PRA Policy Statement
April 2015 - PRA Supervisory Statement
- PRA Policy Statement PS9/15 - Depositor and dormant account protection - further amendments
- PRA Supervisory Statement - Depositor and dormant account protection - SS18/15 UPDATED (20 May 2015)
PRA Consultation Paper
PRA Policy Statements
- PS14/15 - Depositor and dormant account protection - the protection limit
- PS15/15 - Depositor and policyholder protection - technical amendments
- PS18/15 - Depositor and dormant account protection - consequential amendments