The Financial Services Authority says it will maintain its "non-prescriptive" approach to business continuity arrangements by UK financial firms after receiving positive feedback to its operational risk consultation exercise.
The UK regulator says it received 50 responses to its July 2002 consultation paper on operational risk issues and that few respondents suggested any material revisions to the proposed draft policy.
Clive Briault, director of prudential standards, says the FSA will later this year issue the final Handbook draft on operational risk systems and control policy – along with new policies on systems and controls for other types of risk.
"We will apply our guidance in a proportionate way," he says. "Our policy on business continuity is designed to be flexible and to be interpreted in accordance with the nature, scale and complexity of a firm's activities."