Assessment framework for supervision of compliance with the Single Customer View Policy Rule

News
Datum 28 mei 2020

In May 2020, we adopted the assessment framework for supervision of compliance with the requirements under the Single Customer View Policy Rule.

In July 2017, we published the Single Customer View (SCV) Policy Rule. It sets out the requirements for record keeping, and the procedures and controls that banks must have in place to submit accurate, correct and timely data. The SCV ensures timely payouts from the deposit guarantee scheme (DGS) to affected customers, and supports orderly resolution when a bank fails. The payout deadline will be reduced from 15 to 7 business days over the next few years.
We supervise compliance with the requirements set out in the policy rule, which is why we adopted the assessment framework for supervision of compliance with the requirements under the Single Customer View Policy Rule in May 2020. The elements of the assessment framework include:
  • several indicators for the extent to which banks comply with the requirements
  • the role played by verification of a bank's SCV system by the internal audit department and the external auditor
  • a development trajectory for the period 2020-2023 specifying deadlines by which expected improvements are to be realised by the banks
  • the means available to DNB if targets should not be achieved or not achieved within the specified timeframe.

We have informed all banks about the policy rule and what is expected of them. Using the assessment framework, we send banks individual overviews of the extent to which they meet the requirements of the policy rule each year. Similarly, we describe the improvements we expect them to achieve, in accordance with the development trajectory set out in the assessment framework. You can download the assessment framework here.