Responding to the Treasury Committee’s report into IT failures in the financial services sector, UK Finance chief executive Stephen Jones said: “Operational resilience is crucial in a modern financial system and the industry continues to invest billions to ensure systems, human and digital, are robust and secure. When incidents do occur, firms work around the clock to minimise disruption and get services back up and running as quickly as possible.
“Digital innovation is transforming the way money is managed with 24/7 access to payment systems, increasing the range of day to day banking options and providing better back-up for customers if a service is temporarily disrupted.
“The industry conducts sector-wide exercises with regulators to ensure it is prepared to respond effectively to any major disruptions or events as part of its continued commitment to maintaining the resilience of the financial system. UK Finance continues to engage with government over how coordination between regulatory authorities could be improved, seeking to avoid overlapped or rushed mandatory change programmes that impact firms’ ability to protect their customers.”