SCV - faster payout

The SCV compliance challenge ahead for deposit takers

With the time fast approaching, those firms affected by the new COMP rules need to ensure they hit two critical deadlines during 2010 to avoid any penalties.

The FSCS 2010 faster payout deadlines are:

  • 31st July 2010 - Submitting a Pre-Implementation Report (PIR) with Board approval
  • 31stDecember 2010 - SCV implementation deadline signed off with Board approval

There four other FSCS deadlines that need to be hit for 2011.

Rising to the challenge of these deadlines will require all banks, building societies and credit unions to:-

  • Make a significant ongoing investment in changing multiple banking technology systems
  • Take an innovative approach to tackling key process changes and associated training requirements
  • Make a fresh and detailed examination of corporate governance and control measures in order to comply with the new COMP rules

This will demand a strategic approach which, not only enables successful compliance with the new COMP rules, but also the ability to remain agile in the face of further changes required by the FSA.

GG72 can help - take action now

GG believes that regulation alone is a poor incentive to undertake enterprise-wide change. We understand that financial organisations are motivated by the need to secure a stronger commercial advantage over their competitors.

We have devised a specific approach based on our experience of the banking sector - GG72 - which is intended to help organisations meet the requirements of the new FSA policy statement at the same time as delivering commercial insight that leads further profit opportunities.

GG72 provides you with a more compelling business case to get started. 

The GG72 approach:

  • Current state health check
  • Scope the size of the faster payout programme as it applies to your business
  • Information workshops/seminars
  • SCV reporting requirements
  • Data cleanse, data-matching
  • Policy advisor for key business stakeholder units
  • SCV file audits prior to submission
  • Set up and management of Programme Management Office
  • Programme/Project Management support
  • Governance control
  • Change management
  • Readiness assessments
  • Capitalise on commercial aspects of SCV

Please contact us today, without commitment, for further information.

Contact us now on 0845 6435 838 or email:

We look forward to discussing your needs.

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