CP1600 Amend BSCP301 to remove e-mail submission of Funds Accession Form
Formal title: Amend BSCP301 to remove the Funds Accession paper form from being submitted via e-mail
BSCP 301 ‘Clearing, Invoice and Payment’ requires BSC Parties to submit Trading Charges and bank details to Funds Administration Agents (FAA) through two methods: an online form in Elexon Kinnect and a paper BSCP301 Funds Accession Form. However, the existence of these dual processes has led to data inconsistencies and missing information due to misalignment of mandatory fields, increasing the risk of errors during data entry. Ongoing data anomalies may significantly impact the migration to the new FAA system, which will utilise an API for direct data sourcing, emphasising the need for robust data controls that the current paper process does not support.
BSCP 301 ‘Clearing, Invoice and Payment’ requires BSC Parties to provide their Trading Charges Details/Bank details that are required for Funds Administration Agents (FAA).
Currently, these details for FAA can be submitted by the BSC Party via two routes.
- Using the on-line form to ‘Register Bank Details’ for Trading Charges on the Elexon Kinnect Customer Solution
- Submitting a paper BSCP301 Funds Accession Form via email
For both of the two options for the details will also need to be added into the FAA system. If a paper form is submitted the details will have to be inputted the FAA system by the FAA user.
During the preparation as part of the Data Cleanse for the new FAA System, it has shown that due to the two methods of the processes above, data can be missing or inconsistent due to misalignment of mandatory fields across both forms.
This can result in incorrect data being sent to the new FAA system, meaning inefficiencies within the FAA-Replacement and with entering data within BSCP 301.
This CP proposes to amend BSCP301 to enable the removal of BSC Parties being able to submit a BSCP301/04(a) and BSCP301/04(b) paper form to register/amend details required for FAA.