The financial services sector would be able to sustain its core services in the event of a flu pandemic, according to the Financial Services Authority.
The FSA has undertaken a six-week business continuity exercise involving 70 firms in the financial services sector stimulating the first five months of a flu pandemic, based on a 48% employee absence level.
Despite the disruption and rising levels of absenteeism which would result from a pandemic, the FSA says the financial sector would be able to sustain its core services.
But it adds some issues need further consideration, including:
- The impact of a pandemic on consumers, such as access to cash, ability to make mortgage payments and continuing insurance cover;
- The practicality of relying on home-working for key staff; and
- The challenges involved in returning to business as usual.
The FSA has produced a guide and a self-assessment tool for firms to assist them with their business continuity planning.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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