Regulators publish new rules on operational incident and third party reporting

The FCA and PRA have published their new rules on operational incident and third-party reporting.

The new rules are aimed at helping the regulators respond quickly to disruptions, giving firms greater certainty on what to report when, and improving firm resilience. Key elements of the new regime include:

• A streamlined reporting framework, including a single reporting portal;
• Removing duplicative incident reporting for payment service providers and credit rating agencies;
• Refining the overall information required, allowing most solo-regulated firms to complete a short form on the relevant incident; and
• Adding clearer guidance on threshold, definitions and responsibilities.

The FCA has also published guidance on both incident reporting and third party reporting.The new rules come into force on 18 March 2027.