BBA response to CP09/16 on SCV verification makes the following key points:1
09/09/2009

BBA response to CP09/16 on SCV verification makes the following key points:

• calls on the FSA to show forebearance on firms that are seeking in good faith to implement the SCV for at least 18 months from when the data specification has been finalised with FSA/FSCS;
• requests an extension to the proposed timeline for banks' submission of a pre-implementation report to the FSA by 2 months to 30 September 2010;
• the focus of FSA/FSCS review work should be on validity of outputs and not processes/systems;
• challenged the need for ongoing thematic reviews and suggested an alternative of periodic reporting or data submission instead.

Please click the link below for the full response.

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