Reported 26 days ago
The UK's Financial Conduct Authority (FCA) has instructed financial firms to enhance their preparedness for severe scenarios, such as tech outages, following the turmoil caused by a CrowdStrike software update in July. The FCA highlighted that unregulated third-party issues were a major cause of operational disturbances in recent years, and firms have until March 2025 to implement necessary improvements, including better testing, risk controls, and clearer contractual responsibilities.
Source: YAHOO