Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the potential for online technical issues to affect customers as banks move to online platforms.

Strengthening the financial sector’s operational resilience is a key priority for HM Treasury and the financial regulators.

The financial regulators issued a Policy Statement on Operational Resilience in March 2022, entering into effect this Spring. It clarifies and sets new expectations for finance firms to improve their operational resilience, including services such as online banking, and requires firms to identify important business services and set impact tolerances.

These rules ensure firms are better equipped to prevent, adapt, respond to, recover, and learn from operational disruption.