FCA warning: 'Letter timely reminder of importance of platform models'

The Dear CEO letter, published on Monday (26 July), warned investment platforms that IT outages and operational issues on 9 November 2020 were "clear examples of severe but plausible" operational disruptions. The FCA said that these disruptions cause harm to consumers and negatively affect market confidence. In the letter, the regulator added: "We expect firms to invest in their systems to ensure that they keep pace with the growth of their business and remain fit for purpose. "IT upgrades and migrations should undergo thorough analysis and testing to reduce incidents and outages that...