UK supervisory authorities continue to be concerned about the stability of the UK financial sector in the event of a failure of, or disruption to, the country’s most important services. Ensuring the resilience of those services and operations provided by Critical Third Parties (CTPs) to FS regulated firms continues to be of vital importance.
A recent UK Treasury Select Committee information request into the effects of banking IT failures on the UK economy has also highlighted the ongoing importance of resilient operations.
As regulated firms continue to embed operational resilience into business as usual and critical third parties embark on their implementation journeys, collaboration between financial institutions, their critical suppliers and the regulators will be paramount to achieving a more resilient UK financial services sector.
