What is the Financial Services Compensation Scheme (FSCS)?

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The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. The Financial Services Compensation Scheme (FSCS) can pay compensation if a firm is unable, or likely to be unable to pay.

FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). The scheme covers:

  • Deposits
  • Insurance policies
  • Insurance brokering
  • Investments
  • Mortgages
  • Mortgage arrangements

Why does data quality affect the Financial Services Compensation Scheme (FSCS)?

The initiative also addresses the way data is handled and managed by supporting the importance of having confidence in your data. Part of this is that maintaining a Single Customer View is mandatory for UK banks.

Data quality is vital in creating and preserving these single customer views in the following ways:

  • Contact validation ensures that any new data captured is more likely to be entered accurately, reducing the chances of duplicates due to typos.
  • Data cleansing, data matching and de-duplication helps to identify any duplicates already in a database.

How can we help you with your Single Customer View project?

Single Customer View Guide

Find out for yourself how we can help you at every stage of building a Single Customer View – from transforming your data into the required formats to creating a unique PIN for each record. 

Explore the guide now