Event : This house believes that a single customer view will always be fuzzy: A debate on the achievability of FS compensation scheme aims in 2010
On : 11 February 2010
More information : The G20 asked regulators to create a single customer view – but evidence from the first two regulators to define what they mean by that would suggest that deposit takers will have to live with even more views than they have today.
Come and listen to industry experts debate the path the UK have chosen and compare and contrast it to Australian and continental data-gathering efforts. Don’t miss this chance to express your views on the achievability of the FS compensation scheme aims in 2010:
From 31 December 2010, the FS Compensation Scheme (PS09/11) will protect depositors of failed UK firms quickly and effectively. Within 7 days of the default, the UK aspires to pay out.
How? A new Single Customer View (SCV) data regime is at the core of the changes. 25 new data fields will be used to create an aggregate view of all deposits across businesses, products and complex customer relationships. Adding insult to injury, not only is this new reporting going to be checked for quality, it will be used in examining the banks’ liquidity (PS09/16), stress testing (PS09/20) and living wills.
Estimates from E&Y put the core cost of the SCV between £431 and £539 million. Data cleansing, tagging, linking and storage costs will result in 8-digit bills for large banks. Will the industry be able to deliver a quality result? Is it going to be worth it? What is the impact of getting it either right or wrong?
Come and learn where the issues lie and what the preliminary answers are. Research findings will be presented and the conclusions debated by an expert panel comprising:
- Rekha Modi Gomes, Compliance Director EMEA Consumer, Citi
- Julia Sutton, Director - Global Reference Data, Royal Bank of Canada Capital Markets
- Peter Tyler, Director, Retail, British Bankers' Association
- Martin Gibbon, Head of risk technology, financial services risk management, Ernst & Young
You will have the chance to challenge the experts and air your thoughts to agree the house view under the Chatham House Rule. The panel will be chaired by Capital Markets Chamber leader, PJ Di Giammarino.
The session will be followed by drinks, canapés and networking.
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