Context
The FCA has published a new blog article marking the end of the operational resilience transition period on 31st March 2025, the ended. The article reflects on lessons learned and looks ahead at the future for firms. Likening ‘expecting the unexpected’ to getting caught in unexpected rainfall, the article explains that firms need to expect the unexpected and be prepared to maintain their services in all severe but plausible scenarios to prevent intolerable harm, potentially significant market disruption and customers being left ‘high and dry’.
Key points to note and next actions
- The real test is in how firms will evolve to weather all types of storms as the financial climate changes.
- The FCA’s new five-year strategy emphasises deepening trust as fundamental to creating a financial sector that supports growth and improves lives. Operational resilience sits at the heart of how the FCA seeks to deepen trust in financial firms and the services they provide.
- The article sets out its commentary under the headings of:
- What sets resilient organisations apart.
- Rebalancing risk to support growth.
- Looking beyond the deadline.
- The continuing journey.