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:
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: