Datactics supports digital transformation for Investec in the UK with FSCS digital data validation sandbox
London, 14th March 2025
Datactics has developed a digital data validation sandbox for the Financial Services Compensation Scheme (FSCS) designed to help assess data systems and processes prior to regulatory audits.
Investec, a leading international financial services provider, adheres to multiple regulatory standards, including those set by the FSCS, which protects depositors by guaranteeing savings of up to £85,000 per person if a regulated firm is unable to meet claims.
The Prudential Regulation Authority (PRA) conducts regular assessments of Investec’s compliance with the FSCS rules, which necessitates quick access to accurate data.
The Datactics sandbox is designed to help streamline Investec’s data management processes, focusing on data quality to prepare for these assessments. The sandbox has features such as rule matching, data categorisation, and data de-duplication to support compliance with FSCS regulations.
Cherie Lefever, FSCS Coordinator in Investec’s UK Central Compliance Team, has developed rules and exceptions to expedite data management and meet the PRA’s auditing requirements efficiently.
Cherie Lefever stated: “Streamlined data is crucial for complying with the PRA’s Depositor Protection Rules. The collaboration with Datactics has further simplified our data management processes, allowing us to ensure we maintain high standards of data quality and integrity.”
Stuart Harvey, CEO of Datactics, commented: “Financial institutions like Investec manage vast amounts of client and internal data, necessitating robust data management, governance, and quality capabilities. With the FSCS requiring regular audits, access to streamlined data management tools enhances banks’ readiness for these assessments. Our digital sandbox solution empowers firms to evaluate their data systems in preparation for regulatory audits.”
