The UK's FCA Publishes Webpage On Operational Resilience Requirements

The UK's Financial Conduct Authority ("FCA") has published a web page of observations aimed at helping firms prepare for new operational resilience rules due to be inforced by 31 March 2025. The relevant rules apply to banks, building societies, larger investment firms, insurers, and recognised exchanges, but are worth reading for all firms given the current regulatory emphasis on operational preparedness for ever more severe challenges.

While as soon as possible after 31 March 2022, and by no later than 31 March 2025, relevant firms must have performed mapping and testing to remain within their identified impact tolerances for each important business service, those firms should also have conducted a self-assessment covering impact tolerance and how they are mapped to important business services, identified vulnerabilities and the results of scenario testing.