FCA publishes operational resilience insights for insurance firms

On 29 March 2021, the FCA, together with the BoE and PRA, published a shared policy statement on requirements to strengthen operational resilience in the financial services sector. The rules and guidance will come into force on 31 March 2022 and FCA expects all in-scope firms to meet all obligations under its rules by 31 March 2025..

FCA also asked a sample of 47 firms, on a voluntary basis, to assess how they had responded to FCA’s final operational resilience rules and guidance. FCA has now published a new webpage which sets out its key observations from the feedback received and highlights examples of good practice and areas for improvement.

Harshil Patel