support
Send this page to a colleagueData quality news
FSCS welcomes new FSA faster payout rules
Nov 27 2009, 09:42 AM
New faster payout guidance published by the Financial Services Authority (FSA) has been welcomed by the Financial Services Compensation Scheme (FSCS).
The requirements outlined by the regulatory body include the provision of assurances that single customer view (SCV) requirements and deadlines will both be met.
In addition, businesses' boards must provide the FSA with a report confirming the implementation of the SCV by January 31st 2011.
Commenting, Loretta Minghella, chief executive of the FSCS, which describes itself as the UK's statutory fund of last resort for those who are customers of authorised financial services providers, said that the FSA statement is the final set of FSA faster payout rules that are designed to benefit consumers.
"These new rules will make it much easier for the FSCS to respond quickly should a deposit taker fail. That is good news for consumers and will help to promote consumer confidence," Ms Minghella added.
See how Experian QAS can help with your data requirements
-
Data integrity within the
Finance
sector - find out more
- Download our product brochures
- See our products in action - watch our demos
- You can also call us on 0800 197 7920 or email us direct
Related articles...
-
Data management 'essential for financial institutions'
- Mar 3 2011, 09:12 AM The banking sector has come to understand the importance of data management in recent years.
-
Data quality 'biggest challenge in meeting Basel III requirements'
- Feb 15 2011, 09:38 AM Banks should be assessing their data quality procedures in light of the Basel III legislation.
-
Changes to financial regulation 'encouraging focus on data management'
- Feb 1 2011, 10:20 AM Data management is an area of growing interest for many international banks, it has been suggested.
For more data news, you can choose a category of your choice using the filter functionality on the right hand menu
