BoE, PRA, and FCA publish shared policy summary and co-ordinated consultations on operational resilience

Industry News | 05/12/19

The Bank of England (BoE), Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published a shared policy summary and co-ordinated consultations papers on new requirements to strengthen resilience in the UK’s financial service sector. Building the operational resilience of firms and Financial Market Infrastructures (FMIs) is a shared priority for the three supervisory authorities.
The policy proposals make it clear that firms and FMIs are expected to take ownership of their operational resilience and that they will need to prioritise plans and investment choices based on their impacts on the public interest. If disruption occurs firms are expected to communicate clearly, for example providing customers with advice about alternative means of accessing the service.