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?