Getting value from a single customer view?
In April 2009, the G20 agreed an ambitious and comprehensive plan to reform financial services. Point 60 of 93 asked national and regional authorities to review business conduct rules to protect markets and investors.
The UK’s Financial Services Authority (FSA) had been in a consultation for two years on the compensation reform required to protect UK depositors. In June 2009, they released a consultation on the single customer view (SCV) regime. A month later, the Financial Services Compensation Scheme policy (PS09/11) was put into law.
The UK may have been the first to finalise its rule set, but it was not the only player in this space. Australia, the European Union and the US were all actively developing their customer compensation schemes in a similar timeframe.
In January 2010, JWG set out to understand the implementation challenges of the single customer view and the industry’s state of readiness for this initiative. It is fair to say that the conversation has been evolving quickly as the implementation issues have become more widely understood. We would like to thank everyone involved in this discussion thus far for their time and open feedback on these issues.
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