SSP sends compliance message to brokers via the FCA
In midst of the recent outrage, SSP has sent a message to its brokers via the Financial Conduct Authority to demand total compliance.
The message sent from the FCA reminded SSP brokers of their duty to complete client money calculations on time.
The statement said that the SSP is working closely with the Motor Insurers' Bureau and the FCA to keep them up-to-date with their service outage with the aim of mitigating the impact of the outage.
"The FCA is aware of a systems outage at Software Solutions Partners that may affect your ability to ensure ongoing CASS compliance," the statement reads.
"Firms are reminded of their duty to complete a client money calculation at least within 25 days of the previous calculation pursuant to CASS 5.5.63R, and of the need to segregate client money pursuant to the provisions in CASS 5.5 generally."
The statement follows criticism from James Woollam, managing director of Hayes Parsons, who lambasted SSP for its lack of communication to its brokers and called the service outage a ‘disaster'.
The power outage in SSP's Solihull Data Centre happened on the 26 August and the provider has admited to a possible loss of a week's worth of data.
Brokers are continuing to deal with problems with the SSP Pure Systems.
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