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FSCS ‘data lake’ tool to accelerate complaints process By Jon Yarker 30 th April 2021 10:05 am The Financial Services Compensation Scheme is launching a data lake tool to help it speed up how compliant enquiries are handled. A data lake is a large pool of raw data with no structure or defined purpose. Likening it to a drawer of loose paperwork, FSCS emerging issues manager Matt Phillips said a new search tool is being launched to help navigate this information in a much quicker way. The need for this comes as complaints submitted to the scheme can sometimes inc...

FSCS speeds up complaints process as it expects more SIPPs to fail Can handle more complaints The FSCS said its data tool means it will no longer have to manually assess every single page or document in a customer's file. The Financial Services Compensation Scheme (FSCS) has launched an in-house data lake tool to enhance the efficiency with which it can assess claims, helping to speed up the process for consumers as it expects pension advice and SIPP failures to take up more of its resources. A data lake is a system of stored data that has no structure. Therefore, the FSCS said, its Resolutio...