UK-based financial regulators have published a set of requirements in a bid to increase operational resilience in the financial sector.

The move aims to bolster the capabilities of the banks to resume services within a timeframe following any disruption.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The Bank of England along with Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a shared policy summary and co-ordinated consultation papers (CPs) on the proposed requirements.

The proposals require the banks to identify key business services, which if affected can threaten their viability.

Accordingly, the financial institutions will set impact tolerances for such services. The impact tolerances will define the maximum level of disruption they would tolerate in terms of affected customers, time or business volumes.

Subsequently, the financial institutions will take appropriate measures to remain within their impact tolerances and devise backup plans.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

During disruptions, they are also expected to assist consumers with alternative means to access services.

FCA chief executive Andrew Bailey said: “It is in the public interest that a resilient financial system is able to supply the most important services with minimal interruption even during severe operational events.

“The proposed new requirements are aimed at achieving this outcome.”

Notably, in the recent times, several UK-based banks faced IT crashes including the infamous IT meltdown at TSB.

Currently, the policy proposals are open for consultation that will run till April 3 2020.

Alongside, the regulators also published a consultation paper on outsourcing and third-party risk management.