“Unless smaller banks and financial institutions can see a commercial payoff from the changes they have to undertake to satisfy these new SCV regulations, they are likely to take a lot longer to enforce than the government ever intended," states Gunner.
(PRWeb UK) April 8, 2010
The faster payout scheme’s first deadline falls due on 31st July when each bank must submit a Pre-Implementation Report to the FSCS, which must also be Board-approved. According to Gunner, although many larger banks appear to have this compliance process well underway, feedback suggests many smaller banks and building societies are still struggling to understand the scheme and its full impact on their businesses. It is possible that smaller banks and building societies are waiting for the new financial year to start before setting aside funds to comply with the new regulations. However, as Gunner points out, this will put them on the back foot from the start.
“The Single Customer View (SCV) requirement means all UK banks are faced with changing their enterprise customer data model. Understandably, many simply aren’t ready or willing to invest in such an extensive realignment without there being a clear, long-term commercial gain - and who can blame them?” states Gunner.
As a result gg Management Consulting has devised a series of practical initiatives designed to help smaller banks and building societies understand the regulations as they apply to their individual business models. They include practical, hands-on workshops and a new change management solution called gg72. The gg72 programme (named after the FSCS’s requirement for specified SCV data within 72 hours of any deposit-taker defaulting) is designed to provide affordable, bolt-on project management that helps meet the new policy conditions and deadlines. At the same time the new programme promises to use gg’s extensive customer modelling experience to provide added value, revealing new product, service and sales opportunities in the process.
For workshop programmes and dates, contact vanessa.gunner (at) ggmanagementconsulting (dot) com
For more information, http://www.ggmanagementconsulting.com/scvfasterpayout
Tel: 44 (0) 845 6435 838
Email: Vanessa.gunner (at) ggmanagementconsulting (dot) com
The gg Management Consulting team uses distinctive analytical problem-solving models as a dynamic formula for strategic development and change management in complex corporate environments. gg specialises in developing solutions for specific issues, and especially for companies faced with struggling to adapt to a global economy in a state of flux.
Sarah Watts, Happy Mondays Ltd
Office - 01273 773002