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Responding to the Treasury Committee's report into IT failures in the financial services sector, UK Finance Chief Executive Stephen Jones said:
Operational resilience is crucial in a modern financial system and the industry continues to invest billions to ensure systems, human and digital, are robust and secure. When incidents do occur, firms work around the clock to minimise disruption and get services back up and running as quickly as possible. ?Digital innovation is transforming the way money is managed with 24/7 access to payment systems, increasing the range of day to day banking options and providing better back-up for customers if a service is temporarily disrupted. ?The industry conducts sector-wide exercises with regulators to ensure it is prepared to respond effectively to any major disruptions or events as part of its continued commitment to maintaining the resilience of the financial system. UK Finance continues to engage with government over how coordination between regulatory authorities could be improved, seeking to avoid overlapped or rushed mandatory change programmes that impact firms? ability to protect their customers.
Operational resilience is crucial in a modern financial system and the industry continues to invest billions to ensure systems, human and digital, are robust and secure. When incidents do occur, firms work around the clock to minimise disruption and get services back up and running as quickly as possible.
?Digital innovation is transforming the way money is managed with 24/7 access to payment systems, increasing the range of day to day banking options and providing better back-up for customers if a service is temporarily disrupted.
?The industry conducts sector-wide exercises with regulators to ensure it is prepared to respond effectively to any major disruptions or events as part of its continued commitment to maintaining the resilience of the financial system. UK Finance continues to engage with government over how coordination between regulatory authorities could be improved, seeking to avoid overlapped or rushed mandatory change programmes that impact firms? ability to protect their customers.
For more information please call the UK Finance press office on 020 7416 6750 or email press@ukfinance.org.uk
<ol><li style="clear: both;">UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li> <li style="clear: both;">UK Finance submitted written evidence to the Treasury Committee Report on IT Failures in the Financial Services Sector. which can be accessed here: <a href="http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidenc…; target="_blank">http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidenc…; <li style="clear: both;">The industry is committed to ensuring access to cash remains free and widely accessible for those that continue to need it. There is no ?one size fits all? approach however and understanding the needs of local communities is critical. That is why, alongside LINK?s commitment on ATM provision, UK Finance has launched the new Community Access to Cash Initiative to help local communities identify the most appropriate non-ATM solutions for cash and payment access: <a href="https://www.ukfinance.org.uk/press/press-releases/uk-banking-and-financ…; target="_blank">https://www.ukfinance.org.uk/press/press-releases/uk-banking-and-financ…; <li style="clear: both;">In July, the Treasury announced a review into the <a href="https://www.gov.uk/government/consultations/financial-services-future-r…; target="_blank">Financial Services Future Regulatory Framework</a> to look at how coordination between regulatory authorities could be improved: <a href="https://www.gov.uk/government/news/review-into-the-financial-services-r… " target="_blank">https://www.gov.uk/government/news/review-into-the-financial-services-r… </a></li> </ol>
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