Financial Services Qualification Scheme
FSQS is a supplier qualification system for the financial sector.
As the regulated environment becomes more complex, FSQS provides a standard and simple mechanism for collecting and managing supplier compliance assurance information across the sector.
FSQS is a common register of standardised, validated, structured and comprehensive vendor/third party information. A risk management tool that objectively assesses potential vendor risks, proportionally to products and services being provided and across areas of compliance. An efficient and effective means for third parties to provide their information to multiple banks and insurance clients.
FSQS helps introduce responsible business practices, through due diligence and collaborative with multiple financial institutions within a regulated sector.
OpusDatum Ltd has achieved Stage 2 qualification in the scheme.
FSQS is currently used by 19 major Banks Building and Insurance companies: Lloyds Banking Group, Metro Bank, Santander, TSB, Shawbrook Bank, Aldermore Bank, Clydesdale Bank, LV=, Arbuthnot Latham, Nationwide Building Society, Weatherbys, The Bank of England, Bank of Ireland, Tokio Marine Kiln Virgin Money Royal Sun Alliance, Hinckley and Rugby Building Society, BNP Paribas and NFU Mutual.
More details on the scheme can be found here.