Published by: Financial Conduct Authority
Search for original: Link
Key Take Aways
The FCA is consulting on enhanced incident and third-party reporting to improve operational resilience within financial services firms.
Clear definitions for ‘operational incident’ and standardised reporting templates are proposed to address current ambiguities and inconsistencies.
The new rules focus on reporting incidents breaching impact thresholds related to consumer harm, market integrity, and firm safety and soundness.
Firms are expected to submit initial, intermediate, and final incident reports via an online platform, with specific timing and content requirements.
The proposals extend to a subset of firms with significant consumer or systemic impact, including banks, Solvency II firms, recognised investment exchanges, and certain third-party providers.
The FCA seeks structured, timely data on operational incidents and third-party arrangements, facilitating better oversight and ri...
Access this content for FREE by signing up for ROAR Membership.
Join with a Basic (free) or Plus membership (for extra features).