Daon Earns FSQS Registration, Demonstrates Strong Compliance
Posted by Mark Matthews
in News
Daon Earns FSQS Registration, Demonstrates Strong Compliance

We’re pleased to announce that Daon has recently earned FSQS Stage 2 registration for suppliers, demonstrating strong compliance to regulations, policies, and governance controls. 

The assessment was performed by Hellios, a supplier information and risk management company that helps organizations save time and reduce risk by pre-vetting vendors. 

Hellios attests that Daon has satisfied all the requirements to become fully registered on the FSQS supplier qualification system.

Community of Large Banks in the UK

FSQS (Financial Services Qualification System) is a community of financial institutions including banks, building societies, insurance companies and investment services, collaborating to agree on a single standard for managing the increasing complexity of third and fourth-party information needed to demonstrate compliance to regulators, policies and governance controls.”

The FSQS Registered status is valued by some of the largest purchasers in the UK's financial sector, including Lloyds Banking Group, Santander, TSB, and Metro Bank.

Demonstration of Commitment & Credentials

FSQS registration indicates that Daon has gone through the processes required to demonstrate our commitment and credentials. The audit to earn FSQS registration includes an extensive questionnaire covering areas such as sustainability, compliance, supply chain management, and risk management. Within those categories, the assessment process covers details pertaining to anti-bribery, whistle blowing, physical and people security, business continuity, and other topics.

Daon has completed Stage 2, which requires the completion of a more detailed questionnaire along with supporting evidence, such as policies and certificates.

External Validation for Financial Industry Suppliers

The certification process provides buyers with a measure of confidence in the overall reliability of vendors. FSQS provides a single source of truth, alleviates much of the burden of conducting due diligence, and reduces procurement times. Financial institutions can save time and money by selecting vendors that are already vetted according to high standards. 

Suppliers must be invited to participate in the service, generally by companies to which they will be supplying goods and services. Registration is completed on an annual basis.

FSQS Registration aligns with Daon’s long-standing commitment to comply with the EU General Data Protection Regulation (GDPR), including certification against standards such as ISO 27001. 

 


Learn more about how Daon helps financial organizations reduce friction, fraud, and the cost of operations here.