What is this standard about?
This PAS sets out requirements for financial services organizations on how to maintain accurate customer records in a timely manner.
Who is this standard for?
- All financial services organizations, such as banks, building societies and pensions providers, that:
- Operate in the UK
- Are subject to the regulations of the Financial Conduct Authority, Prudential Regulation Authority or The Pensions Regulatoro Hold customer data
- Third party administrators who manage customers’ assets or data on behalf of any of these organizations
Why should you use this standard?
PAS 156 sets out the minimum requirements for achieving and maintaining customer data. This enables improved customer contact, better informed decision making from a customer’s perspective and the timely paying out of assets in the case of deceased customers.
The PAS adds detail to existing regulatory guidance and provides a framework to assist financial services organizations in meeting such guidance.
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- Are subject to the regulations of the Financial Conduct Authority, Prudential Regulation Authority or The Pensions Regulator
§ All financial services organizations, such as banks, building societies and pensions providers, that:
o Operate in the UK