Think-tank to Create Guidance for UK's FSA on Data Management
JWG-IT Group, the think-tank for EU-driven IT change in financial services, has received notification that the UK’s Financial Services Authority (FSA) will review guidance that the group will submit next year on wholesale customer data management. This means that top-tier financial institutions, that form the JWG-IT membership, will be creating and putting forward to the FSA industry guidance for the regulator’s approval. By doing so, JWG-IT will help firms comply with the new regulatory principles by defining the operational requirements banks should adhere to, meaning that those which have complied with recognised guidance will avoid sanction.
JWG-IT has chosen to submit guidance on customer data management following feedback from its membership. At the group’s 2008 forums in London, Frankfurt and Milan, 300 financial services participants agreed that a key priority was for firms to get the basics right to mitigate risk in a principles-based trading environment; the top priority, as identified by 55% of attendees, was improving poor quality product and customer data.