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Whistlebrook’s SCV solution is allows you to quickly and accurately generate an SCV file for the FSCS
As of December 2016, all firms, regardless of the number of FSCS-eligible accounts they hold, must be able to provide an electronic SCV file within 24 hours of a request.
While some core systems provide this functionality, there are many that do not. For those that don’t, Whistlebrook have developed an application to help create this file in the required time scale and in the required format.
While this may seem like a straightforward task, particularly for smaller firms with low volumes of data, there are a number of complexities to consider.
- Your data might be held across multiple sources
- Regardless of a firm’s size, they must have the ability to produce and SCV for every eligible customers within 24 hours of a request
- Deposit takes will be required to submit an SCV Report annually and three months after a material change
- The FSCS requires an SCV file in a specific format
- Various validation checks exist, if your file fails these checks it will be rejected
As a Microsoft Gold Partner in Data Analytics we have a wealth of experience in dealing with the challenges created by the SCV reporting requirement. Our SCV application has many useful features to make this process as pain free as possible and to ensure firms are able to meet enforced deadlines.
- Automatic data loading from one or many source systems
- Change in circumstance alerting (e.g. if the ‘reportability’ status of an account changes)
- Comprehensive audit trail at cell level
- File generation in the format required by the FSCS
- Full validation checks to ensure a valid file is generated
The ability to produce an SCV file for the FSCS is not always available as standard functionality provided by core system providers. Whistlebrook has been working with financial institutions for 20 years, in that time we have built up a wealth of experience that has allowed us to produce a system to work alongside systems that don’t provide this functionality so that its users can quickly and easily generate an SCV file for the FSCS, therefore making them compliant.