Regulators ordered to reduce ‘unacceptable’ number of financial services IT failures

The Treasury Committee has argued that the current level of financial services IT failures is “unacceptable” and says regulators must act to improve operational resilience within the sector. In a new report, the Committee says consumers are increasingly expected to rely on online banking services which have been “significantly disrupted due to IT failures”.

The report says the “current level and frequency of disruption and consumer harm is unacceptable” and has outlined a series of recommendations including increased levies to ensure that the regulators (the FCA, the PRA and the Bank of England) are sufficiently staffed.

Source: Financial Reporter
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