View more on these topics

FSA urges firms to up their game

FSA-regulated firms have been reminded of the need to check their organisations to ensure comprehensive and robust plans are in place to deal with potential disruptions to its operations.

Michael Foot, a managing director at the FSA, says: “It is essential that all firms in the financial services sector ensure that they are properly prepared. None of us can afford to be complacent about the challenges that inevitably arise in an environment where the potential threat is so great.”

Since last year&#39s terrorist attack on New York and Washington, the FSA has worked to improve its ability to cope with an event that closed its own HQ in Canary Wharf and which threatened the smooth operation of key firms and financial markets in the UK.

During the last year the authority has taken additional steps to add to its contingency arrangements, including the development of its back-up site. It has also begun a series of simulations of emergency events that would interrupt the normal functioning of the financial service sector. These are designed to prepare its staff for such eventualities and to test its infrastructure.

The FSA has also worked closely with the financial services sector, HM Treasury, and the Bank of England to raise business continuity standards more generally.

This work has been designed to ensure the authorities are able to communicate quickly with institutions whose continued operations are critical to the systems and markets on which London&#39s key international and domestic markets are based.

Foot adds: “Improving business continuity arrangements is an ongoing process requiring leadership from the top and all of those involved are continually looking at ways to up our game. It is important we get it right since London is a major financial centre and any interruption to business here would have an impact globally.”

Recommended

Protection sales up for Legal & General

Legal & General have announced that its sales of protection products increased by 88% in the first half of this year. Annual premium sales of protection products such as term assurance and critical illness stood at £70m in the first half, compared to £37.3m in the first half of 2001. L&G capitalised on the growth […]

Abbey National launches new two-year discount

Abbey National have announced the launch of a market-leading two-year discounted rate of 3.85%. The product, available through introducers and Abbey National Telesales from tomorrow, is available to first time buyers, movers and re-mortgage customers and has no extended tie-ins and no compulsory insurance. Janet Connor, director of retail marketing at Abbey National, says: “We […]

My mortgage week – Paul Duckworth

Monday: Got to work early (around 7.00am) to prepare for today&#39s group board meeting. Managed to read up on the Sandler report and took on board the comments and views from the trade press (inc. Mortgage Strategy, of course). Spent most of the meeting discussing a pilot with a top lender for our new product, […]

Scottish Life Mortgages ties up Bristol & West deal

Scottish Life Mortgages (SLM) has announced an exclusive 4.79% discount deal with £1,000 cashback through Bristol & West. The product is available up to 95% LTV at 1.16% below SVR for 48 months with no extended tie-ins. Steve Scholes, director of SLM, says: “Brokers want good discount deals with no extended tie-ins. The £1,000 cashback […]

Newsletter

News and expert analysis straight to your inbox

Sign up