Prudential Regulation Authority Rulebook

14.1

This Chapter does not apply to the FSCS.

14.2

A firm must provide the PRA and FSCS with an SCV effectiveness report within three months of receiving a Part 4A permission to accept deposits.

14.3

A firm must notify the PRA and FSCS of a material change in the firm’s SCV system within 3 months of the change.

14.4

The notification in 14.3 must be accompanied by a statement signed on behalf of the firm’s governing body confirming that the firm’s SCV system satisfies the SCV requirements.

14.5

A firm must provide an SCV effectiveness report to the PRA or FSCS promptly upon request by the PRA or FSCS.

14.6

A firm must update its SCV effectiveness report annually.

14.7

A description of a firm’s SCV system and how it has been implemented must include an explanation of any code or keys used internally by the firm so that the FSCS can easily identify:

1. (1) eligible deposits and accounts which are held on behalf of beneficiaries and which contain or may contain eligible deposits; and
2. (2) the accounts referred to in 13.2.

14.8

A firm’s SCV effectiveness report must contain:

1. (1) a description of:
1. (a) the firm’s SCV system and how it has been implemented;
2. (b) how the firm proposes to transfer to the FSCS single customer views including specifying the transfer method and format;
3. (c) the testing undertaken with respect to the robustness of the firm’s SCV system (including information on preparation of the single customer view in stressed scenarios, frequency of testing and reconciliation with core systems);
4. (d) the number of single customer views and exclusions views in the firm’s SCV system;
5. (e) the firm’s plan for the ongoing maintenance of the firm’s SCV system;
6. (f) how the firm’s governing body will ensure that they remain satisfied that the firm’s SCV system continues to satisfy the SCV requirements;
7. (g) how the facility required by 12.7(2) is applied;
8. (h) any other factors relevant to the design of the firm’s SCV system or to an assessment of whether the firm’s SCV system satisfies the PRA’s SCV requirements;
9. (i) any dependencies in creating single customer views and exclusions views (such as reliance on group systems);
10. (j) treatment of accounts which are dormant accounts;
11. (k) how exclusions views are created; and
12. (l) a description of the procedures and controls that a firm has in place regarding the production of single customer views and exclusions views (such as secure storage and an indication of how key person dependencies are managed).
2. (2) a statement signed on behalf of the firm’s governing body confirming that the firm’s SCV system satisfies the SCV requirements;
3. (3) the date when the firm’s SCV system last produced a single customer view and exclusions view for each depositor;
4. (4) a statement of whether the firm’s SCV effectiveness report has been reviewed by external auditors, and if so a statement of the findings of that review; and
5. (5) a statement of whether there has been a material change to the firm’s SCV system since the date of the firm’s previous SCV effectiveness report.