Major tech changes more likely to cause incidents - FCA

Sophie King
clock • 3 min read

Major technology changes lead to more incidents than lesser ones within financial services firms, research by the Financial Conduct Authority (FCA) has found, and the regulator said while effective risk management is an important component to success.

In a report published on Friday (5 February), the watchdog set out findings from its cross-financial services change management review, which analysed more than one million production changes implemented in 2019 by a sample of financial services companies. Each firm deployed an average of 35,000 production changes that year, which the FCA said represents significant activity highlighting the complexity of translating business into technology change. The report examined how financial firms manage technology change, the impact of change failures and the practices used in the industry to...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers overlooking younger clients over asset value bias

Advisers overlooking younger clients over asset value bias

'Young people need to have access to trusted advice'

Sahar Nazir
clock 22 March 2024 • 1 min read
Financial advice crucial as near-term challenges remain

Financial advice crucial as near-term challenges remain

'A good IFA has rarely been more valuable'

Ahmed Bawa
clock 22 March 2024 • 4 min read
Feel Good Friday: Influencers back financial charity's campaign

Feel Good Friday: Influencers back financial charity's campaign

Financial influencers to support MyBnk’s Global Money Week campaign

Professional Adviser
clock 22 March 2024 • 1 min read