Interesting discussion with Frank Brown this morning around the FCA Operational Resilience regulation that is currently live.
The regulation has required compliance from March 2022, with an expectation of full adoption by March 2025.
Operational ResilienceBuilding operational resilience [pdf]
The details and scope of this seems to have really gone under the radar, and Frank did stress this is not BCP, but this does seem like business continuity planning, but with added guidance and compliance requirements. It is, like consumer duty, in some ways just good business practice.
The video will touch on this, and Consumer Duty, it should be out soon. (sign up to get notified here )
Summary of the documents and review below
Operational resilience is crucial for firms, financial market infrastructures, and the overall financial sector to effectively prevent, adapt to, respond to, recover from, and learn from operational disruptions. The Financial Conduct Auth...
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