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Operational resilience awareness strengthens in UK

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The Financial Conduct Authority (FCA), the UK financial regulator, has published a report detailing the findings of its latest Practitioner Panel survey of more than 4,000 firms, designed to provide the FCA insights into its effectiveness.

The survey revealed a high level of awareness among firms of the FCA’s initiatives on operational resilience. The key findings were: 

Operational Resilience:

  • 100% of fixed* firms claimed to be aware of the FCA’s work to ensure that firms are operationally resilient.

  • 98% of fixed firms said that operational resilience had been prioritised over the previous 12 months.

  • 88% of flexible* firms claimed to be aware of the FCA’s work to ensure that firms are operationally resilient.

  • 57% of flexible firms said that operational resilience had been prioritised over the previous 12 months.

Risk identification:

  • 40% of fixed firms and 32% of flexible firms felt that the FCA’s approach to identifying risk was: “Mainly reactive”.

Ability to quickly adapt regulation in response to innovation and new challenges:

  • 33% of fixed firms and 34% of flexible firms considered the FCA: “Able to adapt its regulatory requirements to respond efficiently to innovation and new challenges”.

 

Full details available here.

*The FCA categorises firms as “fixed” or “flexible” depending on how closely they oversee them. Fixed firms are a small number of typically large firms which require the highest level of regulatory attention, whilst flexible firms are typically smaller and are regulated collectively.

 

[Image Source: Financial Conduct Authority]