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BSI PAS 156:2015

BSI PAS 156:2015

$63.71

Specification for the maintenance of financial services customer data

Published By Publication Date Number of Pages
BSI 2015 24
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This PAS specifies requirements for maintaining financial services customer data.

It is for use by financial services organizations that hold and maintain customer information, such as banks, building societies, pension providers, insurance companies and investment management companies. It is also for use by third party administrators (TPAs) who manage customer information on behalf of any of these organizations.

More specifically, it covers:

  1. the minimum requirements for achieving and maintaining customer contact;

  2. primary and, where present, secondary data to be captured and maintained by financial services organizations;

  3. establishing contact with lost customers and beneficiaries;

  4. business history profiling including high-level details of any organizational changes, such as mergers and acquisitions, which may have affected the way in which customers contact the financial services organization. In addition, how the organization communicates or makes this information available to its customers;

  5. timeframes for any review and, if required, updating of customer contact data; and

  6. the organization’s data quality management (DQM) policy.

It does not cover:

  1. initial data capture and its accuracy;

  2. data and accuracy in respect of customers’ financial assets;

  3. technology used for data storage, data transformations and data transmissions;

  4. data protection;

  5. bankruptcy data;

  6. anti-money laundering (AML) requirements;

  7. bodies corporate; and

  8. financial services organizations that are authorized and regulated outside the UK.

PDF Catalog

PDF Pages PDF Title
5 Foreword
7 Introduction
1 Scope
8 2 Terms, definitions and abbreviations
2.1 Terms and definitions
10 2.2 Abbreviations
3 Business profiling
11 3.1 Business profiling exercise
3.2 Third party administrator (TPA)
12 4 Data quality management (DQM) policy
4.1 General
4.2 DQM policy content
14 5 Maintaining customer contact
5.1 General
5.2 Communication with the customer
5.3 Checking procedures
15 5.4 Reissue of correspondence
5.5 Management information
16 6 Data to be maintained
6.1 Primary data
6.2 Secondary data
17 7 Tracing lost customers
7.1 General
7.2 Minimum steps
7.3 Further steps
18 7.4 Evidence
8 Tracing executors and/or beneficiaries
8.1 General
8.2 Minimum steps
19 8.3 Further steps
8.4 Evidence
9 Timeframes for action
9.1 Frequency of review
20 9.2 Timeliness
21 Bibliography

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BSI PAS 156:2015
$63.71