UK Financial Conduct Authority reviews business continuity planning for small / medium banks
The UK Financial Conduct Authority (FCA) has reviewed business continuity planning among a number of small and medium sized retail banks, payment institutions and electronic money institutions.
The review looked at the approach taken by firms to;
- plan for and manage business continuity events
- implement business continuity contingencies including communications
- recover and return to normal service following an event
- identify potential or actual consumer harm and remediate where necessary
The review found that many firms had a good understanding of the importance of business continuity planning with lots of examples of good practice. The review also found areas for improvements such as some firms not fully understanding the link between large-scale change projects and BCP.
The FCA also outlined their expectation for firms to carry out self-assessments of policies, frameworks and plans, considering their own strengths and weaknesses, relative to BCP.
More information about the review can be found on the FCA website here.