UK Finance responds to BOE announcement
Responding to the announcement from the Bank of England, Prudential Regulation Authority and Financial Conduct Authority today on operational resilience in the financial services sector, UK Finance’s CEO, Stephen Jones said:
“Operational resilience is crucial in a modern financial system and the banking and finance industry is committed to providing the best possible service, ensuring the security and accessibility of banking and payments services for customers. When incidents do occur, firms work around the clock to minimise disruption and get services back up and running as quickly as possible.
“Identifying the most important business services, setting appropriate impact tolerances and implementing rigorous testing and exercising regimes are just some of the measures many firms have already put in place to minimise the impact of operational disruptions. These consultations will deepen firms’ understanding of how they can meet both regulatory and customer expectations when disruptive events occur.”
Background:
UK Finance members continue to invest billions to ensure systems, human and digital, are robust and secure.
The industry has made significant advances in recent years, with digital innovation transforming the way money is managed, providing 24/7 access to payment systems and increasing the range of options through which customers can conduct their day to day banking.
This greater choice and reach of service channels helps provide better back-up for customers if an incident temporarily disrupts service somewhere in the network.
