Bank of England and PRA announce that operational resilience consultation deadline has been extended
- Published: Friday, 20 March 2020 08:31
As part of a number of measures to reduce the current COVID-19 pressures on banks and regulated firms, the Bank of England and Prudential Regulation Authority will, in line with the Financial Conduct Authority (FCA), extend the deadline for the ongoing operational resilience consultation.
The Bank of England and PRA state that the deadline for responses to the 'Building Operational Resilience: Impact tolerances for important business services' and the 'Outsourcing and third party risk management' consultation will be extended to 1st October 2020.
The Bank of England also announced that it had taken the decision to cancel the 2020 stress test for the eight major UK banks and building societies. "The recent 2019 stress test showed that the UK banking system was resilient to deep simultaneous recessions in the UK and global economies that are more severe overall than the global financial crisis, combined with large falls in asset prices and a separate stress of misconduct costs," said the Bank.