Last week the Financial Conduct Authority, Prudential Regulation Authority (“PRA“) and Bank of England published a joint policy statement on operational resilience in relation to the impact tolerance of important business services in the financial sector (the “Statement”). The new rules aim to help firms prevent, adapt, respond to, recover and learn from operational disruptions. This follows an initial discussion paper in 2018 and a December 2019 consultation on the same issues.
There has not been a material change from the rules consulted on in December 2019. Instead, changes are largely around implementation – giving firms more time and flexibility.