In the event of a failure of a Gibraltar Deposit Guarantee Scheme participant, the Gibraltar Financial Services Resolution and Compensation Committee (“the FSRCC”) may be required to compensate eligible depositors directly. As per the Financial Services (Compensation and Resolution Schemes) Act 2015 ‘a Scheme participant must mark eligible deposits in a manner that allows for the immediate identification of those deposits’. In addition ‘a Scheme participant must be able to provide the FSRCC with all information necessary to enable the FSRCC to prepare for the payment of compensation’. Central to this is the requirement on deposit takers to develop a single customer view (“SCV”). The provision of an accurate SCV will provide the FSRCC with the information required to make a fast pay-out, with a pay-out target set out within the DGSD timeframes.
From 28th February 2017, the Gibraltar Resolution and Compensation Unit (“RCU”) required all deposit takers to supply an electronic SCV file containing all the records of claimants who would be eligible for compensation within a transitional timeline of 72 hours from request. This was demonstrated through the submission of a sample file electronically for verification by 6th March 2017. In addition, from March 2017 the RCU are carrying out early verification of deposit takers SCV files. Following the March reporting, the FSRCC or RCU reserve the right to request additional SCV reporting, if this is felt necessary e.g. when the quality of submission is not to an acceptable standard or there is a significant operational change of a Credit Institution. New deposit takers, who form part of the DGS, remain subject to the requirement to submit their SCV following authorisation and upon request.
The following documents may be of assistance for ‘SCV Reporting’ for firms:
Our primary objective is to answer questions that relate to the format and transmission of SCV files. Regulatory matters remain solely for the Gibraltar Financial Services Commission (GFSC).
The information contained in this website and the provided documents cannot be relied upon as demonstrating compliance with the DGS rules or relied on as a legally definitive, conclusive or comprehensive document. The FSRCC (or the RCU) cannot accept responsibility for any errors or omissions or any act arising from them. If deposit takers have any doubts about a particular regulatory requirement, they are strongly recommended to seek their own expert and legal advice. The RCU will however seek to facilitate any such discussions where possible.
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