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<p>We take the operational resilience of the finance sector and any detrimental impacts
on consumers very seriously. HM Treasury works closely with the Bank of England, the
Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively
the ‘Financial Authorities’) to assess, test and improve the operational resilience
of the sector and to respond to any major disruption, including to payment systems.</p><p>
</p><p>In July 2018, the PRA and the FCA published a joint Discussion Paper on an
approach to improve the operational resilience of firms and financial market infrastructures,
including to payment systems. The Authorities will use responses to this to inform
supervisory activity and future policy-making to support firms’ and FMIs’ operational
resilience[i].</p><p> </p><p>The Financial Authorities also have a single mechanism,
the Authorities’ Response Framework, to coordinate a response to incidents affecting
the finance sector. The Financial Authorities regularly exercise incident response
frameworks with the sector to assess their effectiveness and identify improvements.
The Bank of England held a sector resilience exercise (SIMEX18) in November 2018 which
tested the joint response by public authorities and industry to a simulated disruption.</p><p>
</p><p>1 <a href="https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/discussion-paper/2018/dp118.pdf?la=en&hash=4238F3B14D839EBE6BEFBD6B5E5634FB95197D8A"
target="_blank">https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/discussion-paper/2018/dp118.pdf?la=en&hash=4238F3B14D839EBE6BEFBD6B5E5634FB95197D8A</a></p><p>
</p><p> </p>
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