Prudential Regulation Authority Rulebook

51.1

This Chapter does not apply in relation to an eligible deposit:

1. (1) of a large company;
2. (2) contained in an account that is not active; or
3. (3) contained in an account that holds funds to which a depositor is not absolutely entitled.

51.2

In this Chapter, the following definitions shall apply:

large company

means a body corporate which does not qualify as a small company under section 382 of the Companies Act 2006

SCV effectiveness report

means a report from a firm’s governing body confirming that the firm’s systems satisfy the requirements in Chapter 50 with respect to single customer views and containing the information required by 51.7.

single customer view

means a single, consistent view of a depositor’s aggregate eligible deposits with a firm which contains the information required by 50.11;

51.3

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

51.4

A firm must notify the PRA and FSCS of a material change in the firm’s systems to satisfy the requirements in Chapter 50 with respect to single customer views, within 3 months of the change.

51.5

The notification in 51.4 must be accompanied by a statement signed on behalf of the firm’s governing body confirming that the firm’s systems satisfy the requirements in Chapter 50 with respect to single customer views.

51.6

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

51.7

A firm’s SCV effectiveness report must contain, to the extent applicable:

1. (1) a description of:
1. (a) the firm’s systems to satisfy the requirements in Chapter 50 with respect to single customer views and how they have been implemented (the firm’s systems include any manual systems used by the firm and any code or keys used internally by the firm so that the FSCS can easily identify eligible deposits and accounts which are held on behalf of beneficiaries and which contain or may contain eligible deposits);
2. (b) how the firm proposes to transfer to the PRA or FSCS a single customer view for each depositor with eligible deposits including specifying the transfer method and format;
3. (c) the testing undertaken with respect to the robustness of the firm’s systems (including information on preparation of the single customer views in stressed scenarios, frequency of testing and where relevant, reconciliation with core systems);
4. (d) the number of single customer views;
5. (e) the firm’s plan for the ongoing maintenance of its systems;
6. (f) how the firm’s governing body will ensure that they remain satisfied that the firm’s systems continue to satisfy the requirements in Chapter 50 with respect to single customer views;
7. (g) how the check facility required by 50.6(2) is applied;
8. (h) any other factors relevant to the design of the firm’s systems or to an assessment of whether the systems satisfy the requirements in Chapter 50 with respect to single customer views;
9. (i) any dependencies in creating the single customer views (such as reliance on group systems); and
10. (j) the procedures and controls that a firm has in place regarding the production of the single customer 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 satisfies the requirements in Chapter 50 with respect to single customer views;
3. (3) the date when the firm’s systems last produced:
1. (a) single customer view for each depositor; and
2. (b) a sample of single customer views and the sample size;
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 systems since the date of the firm’s previous SCV effectiveness report>.

51.8

A firm to which 50.5 and 50.6 applies must provide the FSCS with a representative sample of 10% of its single customer views or 10,000 of its single customer views (whichever is the smaller number) within three months of receiving a Part 4A permission to accept deposits.

51.9

The representative sample must include all types of account which contain eligible deposits (where the firm operates under more than one trading name the sample must include all types of account which contain eligible deposits for each trading name).

51.10

The FSCS must advise the PRA, within six months of receiving the information required by 51.6 whether the information provided by the firm’s systems to satisfy the requirements in Chapter 50 with respect to single customer views is suitable to be submitted to the FSCS and is compatible with the FSCS’s systems.