Financial Services Compensation Scheme
Complete and flexible solution
WILF Reporting is a flexible application that imports data directly from your banking system(s), or other data sources, allowing the generation of FSCS reporting that is fully compliant with PRA requirements. Our out-of-the-box solution supports both the current and new regulations, due Dec 2016. We work with you to provide any identification analysis required and to extract the data that will allow individuals and organisations to be correctly identified & reported, including data validation, the exclusion, effectiveness and completeness reports.
- A complete solution to allow the submission of all SCV extracts to the FSCS via the preferred secure FTP method. Submission extracts are automatically compressed, encrypted and password protected.
- WILFr generates all the customer, account and exclusion level extracts in FSCS formats for the current and new reporting requirements.
- We monitor and analyse FSCS regulatory changes to ensure our solution is compliant with any current, or future, regulation.
- FSCS reports can be run at any time and viewed in multiple formats, ensuring the current 72 hour and future 24 hour, submission requirement is completely met.
- No manual intervention required to get the data from the banking system to WILFr. The process is fully automated on a daily or intra-day basis.
- Exclusion reports include dormant, disputed, gone-away, sanctioned and beneficiary accounts.
- A completeness report details all customers, accounts and products that have not been covered, giving the client confidence that nothing has been missed prior to submission.
- Data for population of the effectiveness report with auditable forms allowing data entry and collection of data.
- Data validation reports are provided based upon current requirements and previous validation issues that have been reported.
- Submission totals can feed FSA053 (Part 3 FSCS Coverage) or CRDIV (COREP & FINREP) submissions ensuring uniform FSCS financial reporting.
- Our out-of-the-box solution provides standard reporting and extraction routines and allows for an easy implementation and updates, but still allowing for additional bespoke analysis where required.
- Continuity of Access account opening and financial transactions can be generated by WILFr for the core banking system.
- This is a cost-effective solution that is already live in many UK banks.