We are pleased to see the continued growth of organisations in Financial Services taking advantage of the FSQS service, as PCF Bank has now joined. There are now 20 Banks, Building Societies and Insurance financial services organisations within the FSQS community of purchasers, to utilise FSQS as a tool to support the insurer’s 3rd party risk management processes.
FSQS is a concept providing a collective system where suppliers complete and maintain a single profile that is shared by their major customers in the financial services sector. This reduces the duplication of effort and cost associated with qualification and compliance. We are delighted that this vision is now being realised, as more financial services organisations join FSQS
FSQS provides Lloyds Banking Group, Metro Bank, Santander, TSB Bank, Shawbrook Bank, Aldermore Bank, Clydesdale & Yorkshire Banking Group, LV=, Arbuthnot Latham, Nationwide Building Society, Weatherbys Bank, the Bank of England, the Bank of Ireland, Tokio Marine Kiln, Virgin Money, RSA Insurance Group, Hinckley & Rugby Building Society, BNP Paribas UK, NFU Mutual and PCF Bank with a single online system for suppliers to submit qualification and compliance information to reduce duplication of time and effort.
PCF Bank decision to join the FSQS Community should result in even greater reductions in duplication of time and effort, as the same profile of information is shared and used for qualification and compliance by all banks, building societies and insurers using FSQS. The principle of this community approach is that the benefits increase each time another bank or major financial services organisation joins the FSQS Community.
The vast majority of information collected by FSQS relates to the suppliers company and its policies and procedures, plus the products and services which are supplied. Some of the questions asked are specific to a particular customer and where there are answers to questions that have been provided, which are deemed to be specific to a particular customer, this data will only be shared with the applicable customer and will not be shared with any other bank or financial services organisation or that may join FSQS in future.