UK financial regulators consult on improving operational resilience

Proposals aim to address uncertainties as to what constitutes an operational incident, when one should be reported, what information to include and how to submit such reports

In December 2024 the UK’s Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) published parallel consultation papers (CP24/28 and CP17/24) outlining their latest proposals for firms’ operational resilience, which clarify what constitutes a notifiable “operational incident” and outline new reporting requirements in respect of firms’ third-party arrangements.