Digital signatures - customer page
We require customers to sign our application form to confirm that they want to make an application. By signing the form, they also give permission for FSCS to approach third parties to collect information about the customer, which allows us to assess their claim for compensation.
The process of gathering these signatures is often slow, and with the introduction of pandemic-related restrictions to movement, it’s more important than ever to ensure that submitting customers’ claims is as quick and easy as possible.
Digital signatures can be managed completely from the comfort and safety of all parties’ homes, if they have access to a digital device or laptop / computer.
DocuSign eSignatures are legal and valid
Digital signatures can be used in the UK just like a traditional “wet ink” signature. DocuSign has been developed to be very secure by allowing parties to a transaction to:
- Verify signer identities with multiple forms of authentication
- Confirm signer intent to sign electronically
- Link signatures to signers and documents
- Record all important document and signature activities
- Have ongoing, secure access to DocuSign documents
- Protect documents with tamper-seals that use a combination of independently certified, secure system processes and PKI (Public Key Infrastructure) technology
We welcome your cooperation
Digital signatures are a safer option for our customers and the representatives who help them to submit claims, especially considering pandemic-related restrictions. As third parties are legally obliged to work with us, they are required to accept the same levels of identity verification that we accept:
- The Financial Services and Markets Act 2000 and the FCA Handbook specify that there is a general obligation on FCA-regulated firms to provide information and to cooperate with us openly and in a timely manner, and electronic signatures are a legally valid form of signature in the UK.
*Reference S219 and 220 of FSMA: “Firms are required to deal with FSCS in an open, cooperative and timely way (COMP 1.6.1 of the FCA Handbook). Further, FSCS may require a company to provide information or documents which FSCS considers likely to be necessary for the fair determination of claims against the company (s219 of the Financial Services and Markets Act 2000).
If the company is insolvent, the administrator, liquidator or other insolvency practitioner must permit FSCS to inspect and take copies of relevant documents to assist FSCS in discharging its statutory functions in relation to claims against the insolvent firm (s220 of the Financial Services and Markets Act.”
COMP 1.6.1R of FCA Handbook: “A firm must deal with the FSCS in an open, cooperative and timely way.”
The FCA has recognised that firms may use electronic signatures in agreements, so we are simply keeping pace with our regulatory partners in implementing this enhancement to our online claims services.
We’re excited about the introduction of DocuSign eSignatures, and hope that you will welcome them too.
If you have any questions or would like to give us feedback on how they’re working, please get in touch.