Prudential Regulation Authority Rulebook

8.1

Depositor Protection 12.1 and 12.2 set out that a firm must provide an SCV file and an exclusions view file to the PRA or the FSCS within 24 hours of a deposit becoming an unavailable deposit or request by the PRA or the FSCS. The PRA considers that the beginning of the 24-hour period can be taken as the end of the business day on which the request was made. The PRA or the FSCS may request the submission of an SCV file and exclusions view file at any time, including as part of the business as usual review programme. As such, firms should be ready and able to submit SCV and exclusions view files to the PRA and FSCS upon request, and within the time period set out in the depositor protection rules.

8.2

The PRA considers that firms may meet Rules 12.4 and 12.7 using a range of options based on their size and volume of deposits/accounts, including externally provided SCV systems, internal bespoke SCV systems, or widely available spreadsheet software (eg Excel), as long as in all cases the rule requirements are met, including the automatic identification of covered deposits.

8.3

Depositor Protection 14.7 sets out that firms must provide information on any keys or codes used by the firm internally. These keys and codes can provide useful information for the FSCS on how different accounts should be treated, including whether there is any reason why the account is not fit for straight through payout. For example, this could be the case if a depositor needs a letter in a different format or if post sent to the depositor’s house was returned because the depositor was no longer at that address. The PRA expects firms to consider the purpose for which the FSCS will use this information and consider what information the FSCS may find useful.

8.4

Depositor Protection 14.3 sets out what a firm must do after a material change in its SCV system. The PRA considers that a material change would include any change that would 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 acquisition of a deposit book, or the introduction of a new IT system that relates to the firm’s SCV system.

8.5

Deleted.

8.6

Deleted.

8.7

Depositor Protection 14.3 and 15.3, set out that a firm must notify the PRA and the FSCS within three months of a material change to its systems to meet marking and SCV requirements, including an attestation from the firm’s governing body that its systems are compliant with the relevant PRA requirements. The PRA and the FSCS may also request a marking effectiveness report, SCV effectiveness report at any time, and firms should be ready and able to submit such reports to the PRA and FSCS promptly upon request. The PRA may then consider if further verification of a firm’s measures to meet the relevant requirements is appropriate.

8.7A

The PRA considers that the implementation of an adjustment to the deposit protection limit is not a material change for the purposes of Depositor Protection 14.3 and 15.3.

8.8

Deleted.

8.9

Where firms do not hold the data required to be included in the SCV or exclusions view file or the data are not applicable, corresponding fields in the SCV and exclusions view file should remain empty. Even if these fields are empty, the PRA expects these fields to remain in the SCV file and the exclusions view file, so that the files are standard in length. Fields should always appear in the same order set out in Depositor Protection 12.9. Completion of all fields is mandatory unless otherwise indicated (ie not applicable or not held by the firm (where not mandatory)). Firms must complete all fields where data are mandatory, or where applicable and held by the firm.

8.10

Any relevant additional information concerning data in the SCV or exclusions view file, such as the unverified nature of any data, should be included in Field 36 (as set out in Depositor Protection 12.9).

8.11

Depositor Protection 12.4 states that firms must submit their information in a format which is readily compatible with the FSCS’s system. There are three formats that are considered compatible:

• Format one: a firm should send through the information in four files. File one should contain ‘Customer details’, file two should contain ‘Contact details’, file three should contain ‘Details of account(s)’ and file four should contain ‘Aggregate balance details’.
• Format two: a firm should send through the information in two files. One file should contain ‘Customer details’, ‘Contact details’ and ‘Aggregate balance details’ and one file should contain the ‘Details of account(s)’.
• Format three: a firm should send through one file which contains ‘Customer details’, ‘Contact details’, ‘Aggregate balance details’ and ‘Details of account(s)’.

8.12

Firms should use one of these three formats for both the SCV and exclusions view file. They do not have to use the same format for each.

8.13

For all of these formats, a ‘single line format’ should be used. This means that customer information should all be kept on the same line. Where depositors have more than one account, this information can be on separate lines.

8.14

Where there is more than one file, each depositor should be linked with their unique identifier (the single customer view record number).

8.15

For file types which do not automatically separate fields a ‘|’ should be used as delimiter. For example, this would apply to .txt files.

8.16

File names should follow the format
FRNxxx-YYYYMMDDHHMMSSSCVFormatW.xxx for a SCV file or
FRNxxx-YYYYMMDDHHMMSSEXCFormatW.xxx for an exclusions view file.
Firms should insert their FRN number and the date and time that the SCV file was created. ‘FormatW’ should be replaced with information about what is contained within the file according to the following:

• For format one, this should be four files called ‘Customerdetails’, ‘Contactdetails’, ‘Detailsofaccount’ and ‘Aggregatebalancedetails’.
• For format two, this should be called ‘Detailsofaccount’ and ‘Customerandaccountinformation’.
• For format three, this should be called ‘Full’.

8.17

Where Depositor Protection 12.9 does not specify a numeric form, firms can submit in an alphanumeric or numeric form.

8.18

Depositor Protection 12.4 specifies that the SCV and exclusions view files should be sent by secure electronic transmission. This can be via Secure File Transfer Protocol (SFTP) or via web portal upload. The details of both methods are available through the FSCS website.

8.19

When completing the SCV or exclusions view file, firms should consider the forename and surname fields as mandatory for natural persons. For companies, only the surname field is mandatory.

8.20

Where firms hold identification numbers for depositors on file, they should include this in the SCV or exclusions view file under field 11 in Depositor Protection 12.9. Where a firm holds identification numbers other than the National Insurance number or passport number of the depositor, the firm should explain what type of identification number it holds and provide the unique number. Examples of national ID include a photocard national identity card or a driving licence.

8.21

Field 39 in Depositor Protection 12.9 requires firms to provide information in the SCV or exclusions view file on the location of the branch where the account is held. This may be different to the country where the depositor has their address. Deposits are only eligible if they are held by a DGS member in an establishment in the UK (or a UK firm’s establishment in Gibraltar). Firms with only UK branches should indicate that the deposits are held in the United Kingdom using ISO 3166-1 (‘GBR’). Eligible deposits held in a Gibraltar branch should be marked (‘GIB’).

8.22

For inactive accounts, beneficiary accounts, or accounts holding safeguarded funds, the PRA expects firms to use the same format as the SCV file structure and provide the same information as required for the SCV file.

8.23

For beneficiary accounts and accounts holding safeguarded funds, the PRA expects firms to supply details of the contact for the client/trust account, rather than the underlying beneficiary.

8.24

Dormant accounts that meet the definition in the Dormant Banks and Building Societies Accounts Act 2008 should be placed in the exclusions view file. The PRA would expect all such accounts, even if not transferred to a dormant account provider, to be excluded from the SCV file.

8.25

For otherwise-active accounts, it should be recorded in field 38 of the SCV file, whether there has been any transaction relating to the deposit within the 24 months prior to production of the single customer view. The PRA and the FSCS recognise that for some accounts such inactivity may not be indicative of possible dormancy (eg fixed term accounts), and the FSCS will use judgement in the paying out of such deposits within applicable timeframes.

8.26

Depositor Protection 5.9 sets out the requirements for calculating interest. The PRA expects firms to apply the interest accrued to date regardless of the date that it is usually credited to balances in the SCV and exclusions view file.

8.27

In the case of structured deposits firms may not be able to accurately predict the return because the calculation of the return is based on the growth of an index as at the maturity date of the structured deposit. If that is the case, firms should flag this type of product in the SCV file and only add interest accrued prior to the product start date and any minimum return to the account balance in the SCV file.

8.28

Accounts which may contain eligible deposits but are in negative balance should also be recorded in the SCV file and exclusions view file. Fields 42, 45, and 47 of the file should record a negative balance with a ‘–’ preceding it. Field 42 and 45 should reflect any interest due to be paid by the depositor. Field 48 should list a zero balance for accounts in negative balance. Fields 50 and 51 are just in relation to positive balances, so any accounts with negative balances should not be included in calculations related to these fields.

8.29

The aggregate balance and compensatable amount in the SCV file should be calculated in relation to the accounts included in the SCV file only. The aggregate balance and compensatable amount in the exclusions view file should be calculated in relation to accounts included in the exclusions view file only.