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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?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Konstantin Rabin Head of Marketing at Kontomatik
15 October
Roman Eloshvili Founder and CEO at XData Group
14 October
Nikunj Gundaniya Product manager at Digipay.guru
11 October
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