Treasury Committee inquiry: IT failures in the financial services sector

The House of Commons Treasury Committee has launched an inquiry into IT failures in the financial services sector. The inquiry will focus on the causes and consequences of operational incidents in the financial services sector and will examine the work being undertaken by industry and regulators to promote operational resilience. The Committee has also published correspondence between Nicky Morgan, Chair of the Treasury Committee and company executive officers including;

  • a letter on partial system disruption from Jes Staley, Group Chief Executive, Barclays and appendix;
  • a letter on service incidents from Rich Wagner, Chief Executive Officer, Cashplus;
  • a letter on NatWest and RBS Service Failure from Ross McEwan, Chief Executive Officer, RBS; and
  • a letter on partial service disruption on 1 June from Charlotte Hogg, Chief Executive Officer, Visa Europe.

The Committee will appoint a Specialist Advisor for this inquiry to provide analysis and is seeking expressions of interest for the position. Submissions to the inquiry are requested by 18 January 2019.