On 5 December 2019, the FCA, PRA and Bank of England (together the regulators) published joint consultation papers on operational resilience in the financial services sector. The proposals develop and expand on the ideas set out in the regulators discussion paper in 2018 (see previous blog here).
The proposals set requirements and expectations for firms and financial market infrastructure to identify their important business services by considering how disruption to the business services they provide can have impacts beyond their own commercial interests. The proposals also include requirements to map and test important business services to identify vulnerabilities in their operational resilience and drive change where it is needed.
The deadline for comments to the consultation is 3 April 2020.