UK's FCA to assess banks' legacy IT systems as outages continue

Matthew Finnegan

"The customers of the banks are the most important regulator. If banks let their customers down they will feel it in their P&L, so they are probably the most immediate judges of banks performance and IT strategies," he told ComputerworldUK.

Andrew Holley, founding partner at financial sector IT services provider, Holley Holland, said that regulators need to be wary of adding to the mountain of regulation already facing banks.

"Over the past few years, the banks have invested heavily to improve on client services through online and mobile banking, as well as making significant investments in complying with the regulations that the FSA, the PRA and the FCA have laid down," he said.

"In addition to managing change and making investments, the banks are also obliged to maintain a stable and highly available operating platform for their clients 24x7, while providing ever higher levels of feature functionality and services.

"In carrying out their reviews, it is important that regulators appreciate the challenges facing the banks, not least because some of those challenges are being laid on the banks by the regulators themselves."

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