UK regulators take aim at banks’ IT failures
The FCA, PRA and Bank of England have published a paper on operational resilience
The FCA, PRA and Bank of England have published a paper on operational resilience
Citigroup fell “fell significantly below the standards expected”.
Staff must feel able to speak up about their concerns.
It’s now planning for a full launch and will ultimately offer working capital solutions and cash management.
The bank didn’t properly manage the outsourcing of payment services.
Will help firms apply and get authorised for insurtech action.
BoE, PRA and FCA call for feedback from firms and financial market infrastructures.
The BBA has called for regulators to do more to improve competition in UK retail banking by making changes to the way payments, capital, access to funding and proportionality of regulation are handled and opening up more opportunities for challenger banks.
New UK regulator the Financial Conduct Authority has made a good start in its first year of life and has helped to contributed to a “sea change” in the way conduct is viewed and treated by financial institutions, according to Clive Adamson, director of supervision at the FCA.
The Prudential Regulatory Authority has set out a series of requirements for non-EU banks who want to do business in the UK.
In addition to the regulatory system changes, what would the technological and infrastructure challenges of such a ruling be?
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
