Information on Operational resilience guidelines (PS21/3)

Reference Case Number: FOI9275

Freedom of Information: Right to know request:

Following the FCA’s policy announcement on 29th March 2021, how many banks and/or financial institutions asked for support to meet the new operational resilience regulations (PS21/3) that came into play on 31st March 2022?
On average, how many such requests does the FCA usually receive upon announcing new policies?
Following the FCA’s policy announcement on 29th March 2021, how many banks and/or financial institutions asked for further information about the new operational resilience regulations (PS21/3) that came into play on 31st March 2022?
Since the new operational resilience guidelines (PS21/3) came into play on 31st March 2022, how many banks and/or financial institutions have asked for support?
How many firms are impacted by/need to comply with the new operational resilience guidelines (PS21/3)?

FCA response:

1. Following the FCA’s policy announcement on 29th March 2021, how many banks and/or financial institutions asked for support to meet the new operational resilience regulations (PS21/3) that came into play on 31st March 2022?

We have received no requests for support following the publication of the joint Policy Statement (PS21/3).

2. On average, how many such requests does the FCA usually receive upon announcing new policies?

The scope of this part of your request is very broad and we do not hold centralised records on how many firms on average asked for support across all Policy Statements we’ve issued in the past. To retrieve information relevant to this part of your request, we would need to review the individual files of each policy statement published by the FCA. The analysis and reconciliation needed to complete this exercise would amount to the creation of new information, which we are not required to do under FOIA.

3. Following the FCA’s policy announcement on 29th March 2021, how many banks and/or financial institutions asked for further information about the new operational resilience regulations (PS21/3) that came into play on 31st March 2022?

We have received twelve requests for further information following the publication of PS21/3.

4. Since the new operational resilience guidelines (PS21/3) came into play on 31st March 2022, how many banks and/or financial institutions have asked for support?

We have received four requests for support following the operational resilience rules coming into force on 31 March 2022.

5. How many firms are impacted by/need to comply with the new operational resilience guidelines (PS21/3)?

The number of firms in-scope of the policy fluctuates depending on permissions and firm authorisations and cancellations. We currently estimate there are approximately 2,500 firms in scope of the policy.

Date of Release: 16/06/2022

Information on Operational resilience guidelines (PS21/3) - June 2022