Representatives of the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and the Bank of England recently gave evidence to the House of Commons Treasury Select Committee in relation to IT failures in the financial services sector. Alison Barker (the FCA’s Director of Specialist Supervision), Lyndon Nelson (the PRA’s Executive Director of Regulatory Operations and […]
Read MoreBoE to allow EU banks to operate in UK as normal after Brexit – BBC
The Bank of England will allow European banks to continue operating without creating expensive subsidiaries after Brexit, the BBC reported, the opening gambit in a tussle with the EU over London’s position as a top global financial hub. The BoE’s decision, if confirmed, would mean European banks offering wholesale services would not face new hurdles […]
Read MoreBank of England Speech on Cyber-Risk
On 10 May 2016, the Bank of England (BoE) published a speech given by Will Brandon, BoE Chief Information Security Officer, on the approach financial institutions should take to managing cyber-risk. Mr Brandon argues that cyber-risk can be managed like anything else that can damage a firm’s business, by understanding it and balancing investment in […]
Read MoreUK prosecutors to move quickly on BoE auctions probe
British fraud prosecutors expect a speedy investigation into the possible rigging of efforts to support the financial system during the credit crunch after they moved to start a formal inquiry, a source familiar with the investigation said. The Serious Fraud Office has said it is looking into liquidity auctions held by the Bank of England […]
Read MoreBank of England governor attacks eurozone austerity
Mark Carney says eurozone is caught in a debt trap and should ease hardline budget cuts just days after the Syriza election directly challenged policy. The Bank of England governor, Mark Carney, has launched a strong attack on austerity in the eurozone as he warned that he single-currency area was caught in a debt trap […]
Read MoreBOE PUBLISHES CYBERCRIME SCENARIO EXERCISE
The Bank of England (BoE) has produced a desktop cyber exercise entitled “Waking Shark II” which was used by the investment banking sector in November 2013. The exercise has been published so it may be used by non-participating financial institutions to test crisis management systems around cybercrime, and to identify weaknesses in systems. Copies of […]
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