TISA to define data quality industry standards
TISA is to develop best practice guidelines to help firms deal with lost customers and unclaimed assets. This follows the results of TISA’s recent Data Quality survey and the output from a series of workshops. Results and investigations so far suggest that firms may be underestimating the extent of lost clients, hence the need to undertake this work.
Some 62 companies representing a wide cross-section of the finance and insurance sectors participated in the survey.
Carol Knight, TISA Director of Member Services said:
“It is clear that the industry has to do more to ensure that customers’ data is accurate, regularly maintained, adequately protected and effectively linked in providers’ IT systems. This is the only way we are likely to see a significant reduction in the number of dormant or unclaimed accounts and at the same time increase investor participation.
“Clear guidance is essential in order to achieve a consistent industry solution. However only 36% of respondents felt that guidance from industry bodies for dealing with ‘gone away’ customers is clear and understandable. This fell to 15% when questioned on unclaimed assets guidance.
“Companies are making the effort to trace lost customers with 84% reporting that they do this immediately they receive a ‘gone away’ notification. Only 34% measure against success targets and 38% are unaware of how much they are spending on tracing customers.”
She continued:
"We have met with the FCA to share progress on the project. The FCA is currently reviewing the Client Assets rules and has agreed to continue engagement with us as we develop the proposed industry standards.”
TISA has now begun work on establishing a common set of procedures/best practice and targets which could qualify for a ‘kite-mark’ that firms might also use in their customer facing material. Both industry and consumer workshops are planned. Firms interested in being part of this work should contact Carol Knight at TISA on 01642 666989.
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For further information, please contact:
Carol Knight, Director of Member Services, TISA – Tel: 01642 666989, Mobile: 07967 317003 Email: carol.knight@tisa.uk.com