P429 ‘Switching off Participant-Reported PARMS Serials’

Formal title: Switching off Participant-Reported PARMS Serials

P429 will permanently cease the operation of, and remove the obligations associated with, participant-reported Performance Assurance Reporting and Monitoring System (PARMS) Serials and associated Supplier Charges.

P429 was raised by the BSC Panel on the recommendation of the Performance Assurance Board (PAB) because the cost of reporting and processing participant-reported PARMS serials is thought to be disproportionate to the benefits provided. Evidence gathered as part of Issue 69 ‘The Performance Assurance Framework Review’ suggests the data that is reported is of limited value and has inherent weaknesses. Moreover, there are other Performance Assurance Techniques (PATs) that can be used to manage the associated Settlement Risks more effectively (e.g. the new Risk Dashboards). Therefore, the continued provision of PARMS data by industry participants may not be justified.

Implementation Approach

To give effect to the benefits of P429 as soon as possible, the BSC Panel agreed to decouple the implementation of the system and document changes. This means that, the obligation to submit participant-reported PARMS Serials will be ceased before the relevant central systems are updated. The only impact of this would be parties receiving emails asking for relevant PARMS Serials to be submitted – these can be ignored. Further details on the proposed Implementation approach of P429 can be found in the Final Modification Report.

Podcast

Listen to a podcast which explains the proposal.

Current Status

Submission
Report Phase
With Authority
Awaiting Implementation
Implemented

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