Published by: Financial Conduct Authority
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Key Take Aways
The FCA is consulting on a comprehensive framework for operational incident and third-party reporting, targeting improved resilience and risk management across financial services firms.
Proposed definitions clarify what constitutes an 'operational incident' and 'material third-party arrangement', aiming to standardise understanding and reporting criteria.
Incidents will be reported through a structured process involving initial, intermediate, and final reports, with specific timelines to enhance timeliness and completeness of data.
A standardised template and online platform will support incident reporting, reducing ambiguity and improving data quality for efficient supervisory oversight.
The proposals will only require firms to report incidents breaching specified impact thresholds related to consumer harm, market integrity, and firm safety and soundness.
The FCA intends to extend the s...
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