FSCS backs call for bank data overhaul after KSF delays

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The huge delays for compensation suffered by depositors with money in collapsed bank Kaupthing Singer & Friedlander highlight the need for a shake-up of banks' data handling, according to the Financial Services Compensation Scheme(FSCS).

In its Annual Report, the FSCS revealed a small number of claimants experienced delays in receiving compensation payments as it proved difficult to extract records from collapsed bank Kaupthing Singer & Friedlander (KSF). It says this adds weight to calls for an overhaul of how banks hold customers' data. The FSCS says the delays were largely outside its control as despite the best efforts of its team and the administrator Ernst and Young, it was hard to get hold of the documents needed to process claims. UK Icelandic subsidiaries KSF, Heritable and Icesave collapsed on 7 and 8 Oct...

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