Key Changes For Deposit Takers In The Single Customer View Journey

The PRA's recent release of Depositor Protection Consultation Paper CP20/14 (CP) sets out proposed changes to the PRA's rules and is designed to promote consumer confidence and financial stability by improving the speed of compensation payouts in the event of a failure. In this article we provide banks and building societies, regardless of size, with a summary of the key changes being proposed in relation to the next stage of the Single Customer View (SCV) journey.

Specifically, the CP implements the revised European Union Deposit Guarantee Schemes Directive (DGSD) and proposes new rules to further enhance protection offered to consumers in payout and transfer scenarios. As the PRA's proposals will now require small deposit takers with less than 5,000 accounts to submit electronic SCV files, it is applicable to all deposit takers regardless of size.