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ARTICLE · 04 DECEMBER 2018

Financial Regulatory Developments Focus - Issue 47, November 30, 2018

A&O Shearman
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Financial Regulatory Developments Focus - Issue 47, November 30, 2018

United StatesFinance and Banking
A&O Shearman
A&O Shearman
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Bank Prudential Regulation & Regulatory Capital

UK Parliamentary Committee Launches Inquiry into Operational Resilience in the Financial Services Sector

On November 23, 2018, the U.K. Treasury Committee announced the launch of a new Inquiry into IT failures in the financial services sector. The Inquiry has been launched in response to recent IT failures at a number of financial institutions that have led to consumers being unable to access their bank accounts or becoming subject to fraud.

The Committee will assess the causes and consequences of these recent IT failures. Among other things, the Committee will consider the extent to which such incidents are becoming more frequent, sources of concentration risk in the financial sector, the impact of legacy IT systems, the effect of outsourcing on operational resilience, best practices in responding to operational incidents and whether the U.K. regulators are able to regulate firms' capabilities for responding to

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