Question to the HM Treasury:

To ask Her Majesty’s Government what representations they are making to the financial services industry to ensure that the information technology infrastructure is fit for purpose.

Responsibility for information technology infrastructure in the UK finance sector is primarily for the firms themselves. The Financial Authorities have a role to play in supporting, coordinating and driving change to improve the operational resilience of the sector.

In addition to on-going supervisory oversight of technology risk within firms by the Authorities, the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) jointly launched, in October 2014, a review of firms’ critical infrastructure and technology resilience. The review focuses on the most significant UK retail deposit-taking organisations and is expected to conclude in mid-2015.