Payment Services: Building Operational Resilience
- Date: 29 April 2021
- Format: Recorded Webinar
Webinar recorded on 29th April 2021.
On 29 April 2021, John Burns and James Borley of Compliancy Services hosted a webinar considering the implications of the FCA's final rules and guidance on new requirements to strengthen operational resilience. The new rules and guidance come into effect on 31 March 2022 and the webinar examined how this affects Payment and E-money Institutions, as well as informing firms of what they need to do to meet their regulatory obligations.
The Financial Conduct Authority (FCA) has published its feedback to the consultation on operational resilience CP19/32 and the final rules. These require firms in scope to have undertaken a number of actions by the implementation date of 31 March 2022. The firms in scope include:
- Authorised Payment Institutions
- Small Payment Institutions
- Registered Account Information Service Providers
- Authorised Electronic Money Institutions
- Small Electronic Money Institutions
The new rules require firms to take a number of actions including:
- Identify their important business services. Those which, if disrupted, could cause intolerable harm to clients and customers (not just “consumers”) or risk to market integrity, threaten the viability of firms or cause instability in the financial system
- Carry out mapping and testing to an appropriate level to identify important business services, set impact tolerances and to find and address any vulnerabilities in its operational resilience
- Review and assess the results of testing to identify, prioritise, and invest in the firm’s ability to respond and recover from disruptions as effectively as possible
- Develop internal and external communications plans for when important business services are disrupted
- Prepare documentation self-assessing the firm’s preparedness
To do this properly will take significant time and effort, and it is important that firms don’t leave it to the last minute. View our webinar recording to see how you should prepare.
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