IT failures in the Financial Services Sector- Second Report of Session 2019/20

Industry News | 28/10/19

A Treasury Committee report on IT failures in the financial services sector illustrates that: the current level of financial services IT failures is unacceptable; regulators must act to improve the operational resilience of the financial services sector; financial sector levies should increase so regulators can hire experienced staff; regulators must use enforcement powers to ensure failures do not go unpunished; there is a strong case for concentrated cloud services sector to be regulated; and firms must resolve customer complaints and award compensation quickly.