View more on these topics

Financial sector prepares for terror attack

The UK financial sector today took part in the largest ever market wide test of its preparedness to respond to a major crisis such as a terrorist attack, natural disaster or widespread infrastructure damage.

The desk-based exercise was organised by the financial stability teams at the Tripartite Authorities, comprised of the HM Treasury, the Bank of England and the Financial Services Authority, who would have responsibility for overseeing and co-ordinating the markets response to such an incident.

More than 1,000 people, from the Tripartite Authorities and some 80 organisations across the UK took part, many holding their own internal business continuity exercises to run alongside the main event. The exercise was also attended by representatives from overseas regulators.

The test, which was designed to be as realistic as possible, involved a scenario of widespread disruption in London and other financial centres, and included simulated news broadcasts, interviews and market and currency movements.

KPMG will report early in 2006 on the effectiveness of the sector’s business continuity preparations and the Authorities’ contribution. A report on the findings together with any recommendations for improvements will be published.

The scenario was designed by Crisis Solutions, KPMG and the Tripartite with the assistance of organisations such as the Metropolitan and City of London Police, City of London Corporation, Canary Wharf Management and the London Resilience Team.

Recommended

B&B reveals the savings gap shows no sign of closing

The Bradford & Bingley savings report reveals there is still no sign that the well documented 27bn per annum savings gap is closing. B&B say many are simply not saving at all and those that are saving are not saving enough. This, combined with the current deficiencies in state pension provision, means millions will be […]

Minister opens building centre

Housing minister Baroness Andrews opened the Milton Keynes College Construction Centre last week. The centre teaches young students practical skills. She took a short tour during which she met some of the young students and watched them demonstrating their skills in bricklaying, plastering and plumbing.

Principality relaunches mortgage range

Principality has relaunched its mortgage range.Its two-year fixed rate mortgage at 4.49% with up to 75% LTV or 4.59% with up to 95% LTV offers free legal fees for remortgages. Alternatively, the fee saver products include a three-year fixed rate mortgage at 5.09% and, as the name suggests, there are no up front administration fees, […]

Newsletter

News and expert analysis straight to your inbox

Sign up