The Financial Services Compensation Scheme (FSCS) has published a guide to the single customer view (SCV) which updates and replaces its Faster Payout – Questions and Answers document.
The SCV, which provides the FSCS with the information required to make faster pay outs, arises from the Deposit Guarantee Schemes Directive (DGSD) and the requirement for deposit guarantee schemes like the FSCS to pay out compensation within 20 business days of the default of a deposit taker.
The guide is based on a series of Q&As that have been asked since the introduction of the SCV rules and the PRA consultation paper and policy statement on the implementation of the recast DGSD. Most changes resulting from the PRA papers are effective from December 2016, although firms already subject to SCV requirements needed to make some minor adjustments from 3 July 2015 to support recast DGSD requirements.
View FSCS Guide to Single Customer View (SCV), 13 July 2015