Parliamentary watchdog: Bank IT concerns not yet addressed

Concerns about the security and resilience of bank IT systems have not yet been addressed, a prominent MP has said in a letter to UK regulators. Andrew Tyrie, chairman of the Treasury Committee in the UK House of Commons, asked Andrew Bailey (4-page / 215KB PDF), chief executive of the Financial Conduct Authority (FCA), and …

[taxman]

Regulating the FCA

Perhaps it would be an idea if the FCA looked into www.fssvcuk.com.

Looks like the FSA have now moved their operations to The Philippines!

[Warm Braw]

Not just IT

Given that the Professional Jockeys Association has just warned its members to move their money out of Hight Street banks, the Great Gloria Hunniford Bank Scam and the general level of ignorance and incompetence I've encountered when attempting to report deaths or register powers of attorney, banks have a lot more to worry about than just their IT systems.

[Anonymous Coward]

senior management function with responsibility for information technology

Banks today are PRIMARILY information technology. That fiddling about with notes and coins is a side-issue. The real business is about databases and secure data transfer.

How do they not get that?

[Anonymous Coward]

Here we go again...

"..It requires heavy investment and large change programmes to move legacy systems onto modern highly resilient infrastructure and software solution..."

The normal assumption that the existing "legacy" systems are not highly resilient, when in fact they are, but the organisations concerned have simply not maintained the skills necessary to run them or looked for a cheap alternative. Just why is a modern system de facto "highly resilient"? It needs the same care and attention to keep it going, as AWS and the others prove time and again by failing.