September 4, 2012 / 1:33 AM / 8 years ago

FSA wants banks to detail IT backup plans - FT

LONDON (Reuters) - Britain’s financial regulator has sent letters to the nine largest banks and building societies in the UK requesting details of their IT contingency plans, the Financial Times reported on Tuesday.

The Financial Services Authority wants the main high street banks to detail their efforts to prevent a software glitch like the one that hit Royal Bank of Scotland (RBS.L) in June, rendering the bank unable to process payments for clients.

The letter, sent by two senior FSA executives, also demands the names of senior managers who could be held personally responsible if information technology systems experience problems.

They also requested that each bank submit a written account of what had been done to “to ensure the overall resilience of critical infrastructure and banking processes” and what contingency plans were in place to restore service “within an acceptable timeframe” if a failure did occur, the FT said.

Reporting by Stephen Mangan; Editing by Edwina Gibbs

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