COMP 17
Systems and information requirements for firms that accept deposits
COMP 17.1
Application and purpose
- 31/12/2010
COMP 17.1.1
See Notes
(1) This chapter applies to:
(a) a UK domestic firm that accepts deposits;
(2) Notwithstanding (1), this chapter does not apply to a firm which does not conduct business that could give rise to a claim for a protected deposit by an eligible claimant and has no reasonable likelihood of doing so.
- 01/04/2013
COMP 17.1.2
See Notes
The purpose of this chapter is to set out the core systems and information requirements these firms must have in place to facilitate a fast compensation payout to eligible claimants holding protected deposits with them.
- 01/04/2013
COMP 17.2
Core systems and information requirements
- 31/12/2010
COMP 17.2.1
See Notes
(1) A firm must be able to identify which accounts are held by eligible claimants and which accounts (including client accounts and trust accounts) are held on behalf of beneficiaries who are or who may be eligible claimants.
(2) The information required by (1) must be electronically stored.
- 01/04/2013
COMP 17.2.2
See Notes
Where eligibility of a customer to bring a claim for compensation from the compensation scheme is likely to change from time to time, a firm must at least annually take reasonable steps to check whether or not the customer is eligible.
- 01/04/2013
COMP 17.2.3
See Notes
(1) A firm must be able to provide to the FSCS a single customer view for each eligible claimant, except to the extent that the eligible claimant is the beneficiary of an account held on his behalf by another person or if the account is not active, within 72 hours of a request by the FSCS.
(2) An account is not active if it:
(a) is a dormant account as defined in the Dormant Bank and Building Society Accounts Act 2008; or
(b) is an account for which the firm has received formal notice of a legal dispute or competing claims to the proceeds of the account; or
(c) appears on the 'Consolidated list of financial sanctions targets in the United Kingdom' that is maintained by HM Treasury.
- 01/04/2013
COMP 17.2.4
See Notes
A firm must ensure that each single customer view contains all the information set out in COMP 17.2.8 R.
- 01/04/2013
COMP 17.2.5
See Notes
A firm must ensure that in relation to accounts which are held by eligible claimants, the system which produces the single customer view must:
(1) be capable of automatically identifying the amount of compensation payable to each eligible claimant; and
(2) include a check facility which allows the firm to identify if any portion of an eligible claimant's deposit is over the maximum payment for a protected deposit set out in COMP 10.2.3 R.
- 01/04/2013
COMP 17.2.6
See Notes
A firm must take reasonable steps to ensure the accuracy of the data it holds in order to satisfy the requirements of this section.
- 01/04/2013
COMP 17.2.7
See Notes
(1) If a firm operates less than 5,000 accounts held by eligible claimants, it may elect that the electronic SCV rules do not apply.
(1A) An election within (1) can be revoked.
(1C) An election within (1) or a revocation within (1A) does not take effect until the firm has notified the PRA in writing of the election or revocation.
(2) If a firm hitherto within (1) operates 5,000 or more accounts held by eligible claimants for two consecutive years as at 31 December of each year, the firm must immediately give the PRA notice of that event.
(3) If a firm hitherto within (1) operates 5,000 or more accounts held by eligible claimants for two consecutive accounts years as at 31 December of each year, the electronic SCV rulesapply and continue to apply even if the firm operates less than 5,000 accounts held by eligible claimants at a future date.
(4) If a firm operates 5,000 or more accounts held by eligible claimants on 31 December 2009 the electronic SCV rules apply and continue to apply even if the firm operates less than 5,000 accounts held by eligible claimants at a future date.
- 01/04/2013
Table - Minimum information firms must include in each single customer view
COMP 17.2.8
See Notes
This table belongs to COMP 17.2.4 R
| Field identifier | Field descriptor |
| Customer details | |
| Single customer view record number | Unique customer identifier |
| Title | Title [if applicable and where held by the firm] |
| Customer 1st Forename | 1st Forename [if applicable] |
| Customer 2nd Forename | 2nd Forename [if applicable and where held by the firm] |
| Customer 3rd Forename | 3rd Forename [if applicable and where held by the firm] |
| Customer Surname [or company name or name of account holder] | Surname [or company name or name of account holder] |
| Previous Name | Any former name of account holder [where held by the firm] |
| National Insurance number | National Insurance number, where held by the firm |
| Contact details | |
| EITHER Format A | |
| Single customer view record number | Unique customer identifier |
| House number | House number/Premise name |
| Street | Street |
| Locality | Locality [where held by the firm] |
| County | County [where held by the firm] |
| Postcode | Postcode [where used by a country] |
| Country | Country [for countries outside the UK] |
| OR Format B | |
| Single customer view record number | Unique customer identifier |
| ADDRESS LINE 1 | As required |
| ADDRESS LINE 2 | As required |
| ADDRESS LINE 3 | As required |
| ADDRESS LINE 4 | As required |
| ADDRESS LINE 5 | As required |
| ADDRESS LINE 6 | As required |
| Postcode | Postcode [where used by a country] |
| Country | Country [for countries outside the UK] |
| Details of account(s) | |
| Single customer view record number | Unique customer identifier |
| Account title | Surname, first name, any other initials or middle name identifier or company name or name of account holder |
| Account number | Unique number for this account |
| Product type | Type of product or service - instant access/term |
| Account holder indicator | This field applies to joint or multiple accounts. It must identify whether the customer is the primary account holder or secondary account holder (or other such status). |
| Account status code | Active accounts only to be included |
| Account balance | At end of business on date of request from FSCS |
| Aggregate balance | |
| Single customer view record number | Unique customer identifier |
| Aggregate balance across all accounts | At end of business on date of request from FSCS |
| Compensatable amount | At end of business on date of request from FSCS which shows the amount to be compensated subject to the limit check that must be performed by the firm pursuant to COMP 17.2.5 R (this could be lower than the aggregate balance across all accounts if this exceeds the maximum payment for a protected deposit set out in COMP 10.2.3 R). |
- 01/04/2013
COMP 17.2.9
See Notes
Where an eligible claimant holds more than one account, the section of the single customer view which sets out "Details of account(s)" must be replicated for each account held.
- 01/04/2013
COMP 17.2.10
See Notes
The amount(s) inserted into each single customer view as the account balance(s) and aggregate balances across all accounts should be the total of principal plus any interest or premium attributable up to the quantification date.
- 01/04/2013
COMP 17.3
Single customer view reporting
- 31/12/2010
SCV implementation report and SCV report
COMP 17.3.1
See Notes
A firm must provide the PRA with an SCV implementation report and an SCV report within three months of receiving permission to accept deposits or, in the case of an incoming EEA firm, obtaining top-up cover.
- 01/04/2013
COMP 17.3.2
See Notes
A firm must provide the PRA with an SCV implementation report and an SCV report within three months of a material change in the firm'sSCV system.
- 01/04/2013
COMP 17.3.3
See Notes
The PRA considers that a material change would include any changes that have a material impact on the firm's SCV system. For example, there is likely to be a material change in a firm's SCV system upon a merger or upon the acquisition of a deposit book, or the introduction of a new IT system that relates to the firm's SCV system.
- 01/04/2013
COMP 17.3.4
See Notes
A firm must provide the PRA with an SCV report every four years (starting from 31 December 2010 or the date of receiving permission to accept deposits or, in the case of an incoming EEA firm, the date of obtaining top-up cover, whichever is later).
- 01/04/2013
COMP 17.3.5
See Notes
- 01/04/2013
COMP 17.3.6
See Notes
(1) An SCV implementation report provided by a firm subject to the electronic SCV rules must contain a description of the following:
(a) the firm's SCV system and how it has been implemented;
(b) how the firm proposes to transfer to the FSCS a single customer view for each eligible claimant including specifying the transfer method and format;
(c) the testing undertaken with respect to the firm's SCV system;
(f) how the firm's board of directors will ensure that they remain satisfied that the firm's SCV system continues to satisfy the PRA's SCV requirements;
(g) how the check facility required by COMP 17.2.5R (2) is applied; and
(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.
(2) An SCV implementation report provided by a firm not subject to the electronic SCV rules must contain the following:
(a) a statement confirming that the information required by COMP 17.2.3R (1) is available and can be provided to the FSCS within 72 hours of a request by the FSCS;
(b) a description of how the information required by COMP 17.2.3R (1) is held by the firm; and
(c) a description of how the firm proposes to transfer to the FSCS the information required by COMP 17.2.3R (1).
- 01/04/2013
COMP 17.3.7
See Notes
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 which accounts are held by eligible claimants and which accounts are held on behalf of beneficiaries who are or may be eligible claimants.
- 01/04/2013
COMP 17.3.8
See Notes
(1) For the purposes of COMP 17.3.6R (2)(b), an example of a description of how the information required by COMP 17.2.3R (2)(b) is held by the firm is a statement advising that the information is held on paper, electronically or a mix of the two whichever is applicable.
(2) For the purposes of COMP 17.3.6R (2)(c), an example of a description of how the firm proposes to transfer to the FSCS the information required by COMP 17.2.3R (1) is a statement advising that the transfer will be via paper or electronic process whichever is applicable.
- 01/04/2013
COMP 17.3.9
See Notes
(1) An SCV report provided by a firm subject to the electronic SCV rules must contain:
(a) a statement signed on behalf of the relevant firm's board of directors confirming that the firm's SCV system satisfies the PRA's SCV requirements;
(b) the date when the firm's SCV system last produced a single customer view for each of the firm's customers that are eligible claimants;
(c) the date when the firm's SCV system last produced sample single customer views and the sample size;
(e) a statement of whether the firm's SCV has been reviewed by external auditors, and if so stating the findings of that review; and
(f) 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 report.
(2) An SCV report provided by a firm not subject to the electronic SCV rules must contain:
(a) a statement signed on behalf of the relevant firm's board of directors confirming that the firm's SCV system satisfies the PRA's SCV requirements;
(c) the number of accounts operated by the firm held by eligible claimants.
- 01/04/2013
FSCS sign off
COMP 17.3.10
See Notes
A firm subject to the electronic SCV rules 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:
(1) three months of receiving permission to accept deposits or, in the case of an incoming EEA firm, obtaining top-up cover; and
- 01/04/2013
COMP 17.3.11
See Notes
A representative sample should include all types of account held with the firm by all types of eligible claimant and where the firm operates under more than one trading name the sample should include all types of account held with the firm by all types of eligible claimant for each trading name.
- 01/04/2013
COMP 17.3.12
See Notes
The FSCS must advise the PRA whether the information provided by a firm's SCV system is capable of being submitted to the FSCS and whether it is compatible with the FSCS's systems, within six months of receiving the information required by COMP 17.3.10 R.
- 01/04/2013