UK regulators such as the Bank of England and Financial Conduct Authority must act to reduce the unacceptable number of IT failures in the financial services sector, the UK Treasury Committee said in a review of the sector.
- Current level of financial services IT failures is unacceptable
- Regulators must act to improve operational resilience of financial services sector
- Financial sector levies should increase so regulators can hire experienced staff
- Regulators must use enforcement powers to ensure failures do not go unpunished
- Strong case for concentrated cloud services sector to be regulated
- Firms must resolve customer complaints and award compensation quickly