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FSCS SCV report submission made easy in 3 steps
FSCS SCV report submission made easy with our industry leading product SCV Alliance - FSCS SCV Audit Platform
Our SCV Alliance – FSCS SCV Audit Platform is a regulatory reporting solution designed and suitable for the financial institution to control, automate and flexible to meet ever-increasing regulatory requirements.
It is a complete and compliant FSCS SCV audit solution capable of automatically validating SCV data and comply with FSCS requirements to report on-demand in 24 hours.
Our FSCS SCV Audit report helps you identify inaccuracies and put processes in place to prevent penalties and ensure that your data is duplicate free, consistent and accurate.
Our SCV Alliance – FSCS SCV Audit Platform provides data insights and allows you to correctly identify the individuals and entities to be reported, including exclusion, effectiveness and completeness reports.
Business Benefits
- The Business Consulting team offers support on the Governance and operational practices in the FSCS regulatory reporting landscape and ensure that our solution is compliant with current or future FSCS regulation.
- Fully automated and allowing validation, data enrichment, and managing account/customer rules.
- Assign different user roles for control over editing of details and submissions.
- Our solution generates a data validation report based on current requirements and issues reported by FSCS.
- Assistance to submit required documents as per the FSCS requirements.
- A risk-based detailed report including the customer and accounts that have not been covered in the mandated output file.
- A proven, working solution successfully being used by our clients over 10 plus years to complete their submissions.
- We monitor and manage the implementation activities for financial institutions to achieve the objectives within the regulatory timeline.
- Data validation reporting to analyse reportable data and highlight any data formatting issues that conflict with the mandatory fields.
- A full audit trail which captures exact user details and time stamp.
- Exclusion reports include dormant, disputed, sanctioned, and beneficiary accounts.
- High-level statistics and summaries on the amount of reportable account/customer which enacts as a guide to complete the Effectiveness report.
- Our exception reports would greatly support the financial institutions to update the inaccurate information prior to submission and submit the SCV output file with greater confidence.
- Quick to implement and a cost-effective long-term solution for FSCS regulatory reporting.
SCV Alliance: Effortless FSCS Single Customer View Reporting with Industry-Leading Technology
1. Validate & Transform
Macro Global’s SCV Alliance leverages advanced technology to ensure the accuracy and consistency of your FSCS Single Customer View (SCV) reporting. Our validation and transformation process includes:
- Rigorous data validation: Compare your SCV input data against third-party sources like the FCA DB, Royal Mail DB through API, Companies House, Charities Register, BFPO Address, OFAC Sanction customer check to identify discrepancies in customer and account holder information.
- AI-powered anomaly detection: Our AI-based algorithms and fuzzy logic detect anomalies such as inaccurate customer information, account segregations, and data duplication.
- Data quality improvement: Eliminate data duplication by merging or removing redundant records and resolve account segregation discrepancies through data analysis and reconciliation.
- Comprehensive customer view: Aggregate data from multiple sources to create a comprehensive and accurate single customer view.
2. Audit & Screening
To guarantee the integrity of your SCV report, a rigorous audit is conducted using our proprietary SCV Alliance tool:
- Aligns with PRA’s data validation rules: Our tool adheres to the strict guidelines set by the Prudential Regulation Authority.
- Contains over 175 predefined checkpoints: Assess your data against a comprehensive set of criteria.
- Identifies potential high, medium, & low risks: SCV Alliance employs advanced AI logics and algorithms and external data sets to discover and report high, medium, and low-risk data issues. This helps you identify any inconsistencies or anomalies that could jeopardise the accuracy of your report, ensuring that your FSCS SCV reporting files comply with all regulatory standards.
3. SCV Report Generation
Generation of Exclusion View File: This file contains appropriate exclusions from the SCV report, including legally dormant accounts, legally disputed accounts, sanctioned accounts, and beneficiary accounts. If there are no accounts to include in an Exclusions View file, the financial institution needs to confirm this with FSCS in the SCV Effectiveness Report.
- Generation of FSCS SCV Report: The SCV report is generated adhering to FSCS requirements in the following specification:
- The SCV file structure: Consisting of four tables such as customer details, contact details, details of accounts, and aggregate balance details, each with specific requirements for data fields.
- Acceptable File Types: Excel, XML, and Text.
- File names: adherence to specific formats, including the use of the firm’s reference number and the date and time the file was created
These steps ensure that your SCV report is accurate and compliant, reducing errors, non-compliance risks, and protecting your data integrity.
With Macro Global’s SCV Alliance, you can benefit from:
- Enhanced data quality: Our advanced validation and transformation processes ensure accurate and consistent data.
- Reduced risk: Our audit and screening process helps identify and mitigate potential risks.
- Increased efficiency: Our automated tools streamline the FSCS SCV reporting process.
- Improved compliance: Our solution ensures adherence to FSCS and PRA regulations.
- Enhanced customer experience: Accurate and complete customer data leads to better customer service.
Experience the power of our SCV Alliance today. Contact us to learn more about how our industry-leading technology can simplify your FSCS reporting and ensure compliance.
Talk to our consultants and prepare your organisation's regulatory compliance roadmap
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SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
Why banks in UK need FSCS Single Customer view Automation/Audit
“89% of companies still have challenges creating a single customer view resulting in poor decision making due to poor customer insight and process inefficiencies. “
A single customer view is outreached when you can:
- Unify customer data across all your internal systems
- Capture each customer’s activities across all your channels
- Use this information to seamlessly engage with each customer across touchpoints
Without having a Single Customer View and real-time insights in place, organisations struggle to deliver renowned outcomes and may even result in dissatisfaction and even churn.
Decisions based on poor quality data are no more reliable and inaccurate. Cluttering up your database with poor quality data will impact on your ability to make informed judgments and decisions about the state and future of your business.
If you are planning on using your data to make informed decisions and forecast what you should be doing more of for future business growth, you need to make sure that your data is accurate, complete, and duplicate free.
“Single Customer View acts as the single golden source of truth”.
Comprehensive understanding of FSCS Regulatory compliance and mapping them with your customer records depends on the quality of underlying data, which is vital and prominent to achieve a consistent cognizant view.
Financial institutions are ramping up their governance, risk management, and compliance IT investments to avoid fines and prepare themselves for increasing regulatory demands. They are finding the current raft of new and impending rules and regulations by creating a more consistent and comprehensive view.
Having a single view of a customer data help banks understand what business they do with them, and more importantly, how to create better custom.
Our SCV Alliance – FSCS SCV Audit Platform is a regulatory reporting solution designed and suitable for the financial institution to control, automate and flexible to meet ever-increasing regulatory requirements. It is a complete and compliant solution capable of automatically validating and comply with FSCS requirements to report on-demand in 24 hours.
SCV Alliance
FSCS SCV Audit Platform
SCV Forza
FSCS SCV Automation Platform
Provide utmost accuracy and Complete Peace of mind
We will be able to help you in whatever the stage of your regulatory reporting programs
FSCS SCV Regulatory Update March 2021
New Changes in FSCS Single Customer View Regulatory Reporting
As you all aware Regulatory Reporting landscape changes quite often with ever-changing metrics and KPI’s with constant demand from the authorities considering market dynamics & business changes which mandate a high level of adherence.
FSCS has announced changes in its SCV reporting specifications and Macro Global has analysed their possible impact across the reporting and other dependent data sets within SCV. In our view, these changes bring more clarity and enhancements to make things easier for both banks and FSCS.
Macro Global is already working on making those changes into our scheduled release in the next few weeks across all our clients. For further queries, write to us at 24x7support@macroglobal.co.uk with the subject as “SCV Changes 2021”.
FSCS is now accepting SCV output files with two more file formats where the bank can submit their SCV files using the two new formats. The New file formats are Excel & XML. These new File format specifications are explained on FSCS Single Customer View website.
FSCS accepts the following file types :
- Excel – .xlsx (old .xls and macro-enabled spreadsheets are not accepted)
- XML – .xml
- Text – .txt or .csv
Accounts held by UK or Gibraltar branches are only protected by FSCS. This change affects the Account Branch Jurisdiction must be either GBR or GIB in the SCV or Exclusion view file.
Protection removed for EEA branches of UK deposit takers
From the end of the transition period (11 pm on 31 December 2020), deposits held in EEA branches of UK deposit takers are no longer be eligible for compensation by FSCS. The EEA include the 27 EU Member States along with Norway, Iceland and Liechtenstein.
All accounts included in the SCV and Exclusions View files must be held by UK or Gibraltar branches, with the Account Branch Jurisdiction field populated with GBR or GIB. Deposits held with EEA branches of UK deposit takers must not appear in the SCV or Exclusions View file.
Account Details
| Field Name | Field Description | Data Type | Max. Field Length | Example | Contents Mandatory? |
|---|---|---|---|---|---|
| Account Branch Jurisdiction | Eligible deposits must be held by UK or Gibraltar establishments. State “GBR” or “GIB”, as applicable. | Alpha | 3 | GBR | Yes |
If the reporting customer has a BFPO address, then the BFPO number should be present in Address line 6. Postcode must be present in the postcode field. The country field must be blank.
You can find government guidance on address formats for BFPOs here:
https://www.gov.uk/bfpo/how-to-address-bfpo-mail.
Ensure the BFPO number is in the final line of the address and leave the country field blank.
If an address has a BFPO postcode instead of a BFPO number, enter the BFPO postcode in the Postcode field.
If any of the reporting customer address is related to the care of address then the C/O must be present in the address line 1 or address line 2 as follows.
- “Care of Mr XXX”
- “C/O Mr XXX”
Alternatively, a specific account status code like “COA” can be assigned to the customer accounts who are having a care-of address.
These care of address customer accounts now can be reported in NFFSTP. If there is any reason you want those customers to be reported in NFFSTP then the bank can report those customer accounts in NFFSTP. If new status code(s) introduced for this purpose then those should be available in the account status code section of the effectiveness report.
If the reporting customer has a phone number(s) then those details should be in the Main phone number, Evening phone number or Mobile phone number fields. If the reporting customer has an email address, then it should be available in the email address field only.
The phone numbers should be formatted without spaces, hyphens or + signs. If it is an international number, then the phone number(s) should be prefixed with 00 instead of + sign.
FSCS has introduced a hierarchical order for the exclusion types where an account is supposed to be assigned with multiple exclusion types then the bank must select one from the hierarchy for that particular account.
Exclusion View File
- HMTS
- LEGDIS
- LEGDOR
- BEN
Accounts cannot appear in both the SCV and Exclusions View file. Legally Disputed, Legally Dormant and Beneficiary classifications apply at an account level.
FSCS has now proposed to not report the same account in SCV and Exclusion view files. Customer may be present in SCV and Exclusion. But account should not exist in SCV and Exclusion view file.
FSCS has now instructed to put 001 in the Account Hold Indicator field for the Beneficiary account(s).
FSCS has now instructed, the bank must manage the legally disputed accounts at the account level, not At the customer level.
How should I treat cases where, for example, a depositor has 4 eligible accounts and one of these is under legal dispute?
If an account is a joint account and any one of the account holders is sanctioned then the other account holders who are not sanctioned should also be placed in the exclusion view file. If that particular non-sanctioned account holder has another account, then that particular account can be placed in the SCV file.
How should I treat a depositor who is has a joint account with a sanctioned individual?
As per the new FSCS guideline, the Legally Dormant accounts will be treated where all the account holder to that account should be placed in the exclusion view file.
How should I treat joint accounts if one account holder is Legally Dormant? For example, Mr. Smith has a sole account with Bank B. He also has a joint account with Mrs. Smith at Bank B, which hasn’t been used for over 15 years. Mrs. Smith hasn’t contacted Bank B in this time. How should Mrs Smith be treated?
Legal dormancy applies at an account level rather than at the depositor level. So, in the above example, Mr. and Mrs. Smith’s dormant joint account should be put into the Exclusions View file, and Mr. Smith’s solo account should be put into the SCV file.
SCV Alliance
FSCS SCV Audit Platform