LONDON - Regulators made proposals on Thursday to strengthen the ability of banks and payment firms in Britain to recover from disruptions to services within set timeframes.
A parliamentary committee called for changes in October following a string of IT failures at banks, most recently one at TSB that left thousands of customers unable to make payments from their accounts. This would quantify the maximum level of disruption they would tolerate in terms of time, volume of business or number of customers affected.
“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,” FCA Chief Executive Andrew Bailey said in a statement.
Source: Financial Digest (financialdigest.net)
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