UK Regulators Create Banking IT Cheat Sheet

The Bank of England has teamed up with other regulators to offer UK banks a little advice on sorting out their woeful IT systems

BoE, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have come up with a shared policy summary and consultation to strengthen resilience in the financial sector.

The Old Lady of Threadneedle Street warns that banks and Financial Market Infrastructures (FMIs) are expected to take responsibility for their resilience.

The bank calls for transparency rather than obfuscation: “If disruption occurs firms are expected to communicate clearly, for example providing customers with advice about alternative means of accessing the service.” Good luck with that.

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