Treasury Select Committee and IT Failures

The Treasury Select Committee have made some observations as a result of their concerns about bank IT failures.  It’s an interesting view and one that reflects the way that the industry is already moving.

Their report can be accessed here: https://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/news-parliament-2017/it-failures-financials-services-sector-report-published-19-20/

Their main observations are:

·       Current level of financial services IT failures is unacceptable

·       Regulators must act to improve operational resilience of financial services sector

·       Financial sector levies should increase so regulators can hire experienced staff

·       Regulators must use enforcement powers to ensure failures do not go unpunished

·       Strong case for concentrated cloud services sector to be regulated

·       Firms must resolve customer complaints and award compensation quickly

What do we think?  Is Fianancial IT this bad in reality or is it a perception?