?> PS 21/3 - Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology https://complyport.com Compliance Leadership Thu, 26 Feb 2026 22:13:07 +0000 en-GB hourly 1 https://wordpress.org/?v=6.5.8 https://complyport.com/wp-content/uploads/2021/01/cropped-favicon-32x32.png PS 21/3 - Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology https://complyport.com 32 32 Update Systems and Processes or Risk Failure to Meet Operational Resilience Deadline https://complyport.com/update-systems-and-processes-or-risk-failure-to-meet-operational-resilience-deadline/?utm_source=rss&utm_medium=rss&utm_campaign=update-systems-and-processes-or-risk-failure-to-meet-operational-resilience-deadline Tue, 11 Jan 2022 10:59:26 +0000 https://complyport.com/?p=18296 A premium service led by Cybersecurity, Risk, and Organisational Resilience experts helps firms prepare for new expectations from UK financial regulators.   LONDON –With a new policy from the Financial […]

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]]> A premium service led by Cybersecurity, Risk, and Organisational Resilience experts helps firms prepare for new expectations from UK financial regulators.

 

LONDON –With a new policy from the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England due to come into effect on 31 March 2022, the countdown is on for firms to ensure that their systems and processes are up to date with the new Operational Resilience requirements. City-based governance, risk and compliance consultancy, Complyport, reminds firms regulated in the UK to get ahead of the regulatory curve by dealing with this significant regulatory requirement well in advance.

 

Complyport’s Operational Resilience Support service, co-led by Darren Schindler and Pantelis Angelides, experts in Cybersecurity, Risk, and Organisational Resilience, helps clients adapt their systems and processes for the new rules as well as provide ongoing support for continued compliance. With firms expected to continue appropriate testing of their resilience plans to demonstrate that they can operate within their impact tolerances by 31 March 2025, work on compliance with the new policy is expected to continue well after the upcoming 2022 deadline.

 

Darren Schindler, Co-Head of Complyport’s Cybersecurity and Operational Resilience Advisory, said:

“Without a thorough resilience strategy and appropriate processes and mechanisms for managing key operational functions, businesses leave themselves and the financial markets exposed to potentially significant risks. These new regulations create an opportunity to tackle these risks head-on and Complyport’s Operational Resilience Support service is here to ensure that regulated firms receive the help they need to navigate the complex process of adapting to and continually complying with the regulator’s new expectations on operational resilience.”

 

Pantelis Angelides, Co-Head of Complyport’s Cybersecurity and Operational Resilience Advisory, said:

“The events of the past two years have sharply reminded us that resilience is fundamental for protecting the value and, on many occasions, survival of a business. Firms not only have to be able to keep up with evolutions in the industry, but also endure major disruptions and crises caused internally or by external events which can in some cases be unprecedented. Proper planning, robust risk management, regular testing, and effective monitoring of performance are just some of the ways that firms can ensure ongoing operational resilience in such volatile times. Our team are on-hand to provide bespoke advice for firms readying themselves to comply with the upcoming new regulations from March 31st and beyond.”

 

Users of Complyport’s Operational Resilience Support service receive a thorough Operational Resilience Impact Assessment which will form the basis of a roadmap of necessary changes to ensure compliance by 31 March. This will include:

  • Identifying gaps in existing Operational Resilience frameworks
  • Support with (re)defining firms’ approach to risk scenarios of operational disruptions
  • Optimisation of continuity strategies
  • Tactics to improve operational resilience posture
  • A summary of framework arrangements and mechanisms that need to be in place to comply with new Policy requirements

 

Users also have the option of support with maintenance of new Operational Resilience frameworks beyond the March 31st deadline to ensure ongoing compliance and resilience benefits.

 

For more information about Complyport’s Operational Resilience Support service, visit: https://complyport.com/operational-resilience-support/

 

ENDS

Notes to Editors:

For media enquiries contact:

John Kaponi, J7 Communications: +44 787 554 2969 / john.kaponi@j7comms.com

Hannah Ritchie, J7 Communications: +44 790 440 4439 / hannah.ritchie@j7comms.com

 

ABOUT COMPLYPORT:

Complyport is a leading compliance and regulatory consultancy providing bespoke, practical solutions for all manner of regulated firms both in the UK and overseas. Their expert authorisations team have assisted with 1,000 successful FCA and EU authorisations to date. Their specialist compliance services expertise can either sit alongside current compliance teams or, for an independent solution, they can bring their team in-house. Established in 2002, Complyport combines former regulators, industry practitioners and legally qualified individuals to offer clients an unparalleled, professional team.

 

ABOUT PANTELIS ANGELIDES:

With more than 20 years of experience in Security, Risk, and Organisational Resilience, Pantelis has served as a trusted security advisor for top executives in sectors such as financial services, healthcare, law, manufacturing, and critical infrastructure facilities. He is a keen security strategist with extensive knowledge of a wide range of physical and digital security aspects and a rich track record of managing and delivering successful cybersecurity, Data Protection and Resilience projects. Pantelis is an elected member of the UK’s Security Institute, a full member of the Association of Security Consultants, and a level- 3 Certified Vocational Trainer.

 

ABOUT DARREN SCHINDLER:

Darren is the Co-Head of Operational Resilience Advisory of Complyport. He brings over 20 years of C-Level financial services experiences, having worked at a variety of firms including Metro Bank, Barclays Bank, HBOS PLC, Thomas Cook Money and more.  Darren refined his Operational Resilience skills during his time at Metro Bank, where he helped design, create, and launch their Business & Commercial Banking proposition and as Thomas Cook Money, where he was involved in the planning, development and launch of a new challenger bank. In addition, Darren has held senior positions in a number of fintech businesses where he has been responsible for regulatory oversight and he is currently contributing towards the creation of a global card and loyalty programme for a world leading crypto trading platform. Darren is qualified as an Associate of the Chartered Institute of Bankers and an Associate of Corporate Treasurers Cash Management Certificate.

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]]> Managing the Risk to Your Firm & Dealing with the Regulatory Changes in Operational Resilience https://complyport.com/managing-the-risk-to-your-firm-dealing-with-the-regulatory-changes-in-operational-resilience/?utm_source=rss&utm_medium=rss&utm_campaign=managing-the-risk-to-your-firm-dealing-with-the-regulatory-changes-in-operational-resilience Tue, 11 Jan 2022 10:59:16 +0000 https://complyport.com/?p=18266 The release of the FCA’s Operational Resilience Policy (PS 21/3) outlines new rules coming into force on 31 March 2022. Firms that fall within scope must have identified their important […]

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The release of the FCA’s Operational Resilience Policy (PS 21/3) outlines new rules coming into force on 31 March 2022. Firms that fall within scope must have identified their important business services, set impact tolerances for the maximum tolerable disruption, and conducted adequate mapping and testing.

Operational Resilience Framework

The FCA reminds firms that maintaining operational resilience is important for consumers, firms, and financial markets. It ensures that firms can prevent, adapt, respond to, recover, and learn from operational disruptions. The FCA’s new policy goes beyond the traditional Business Continuity and disaster recovery management with a streamlined mandate focused on those processes that matter most from the client’s perspective and the financial markets in general.

The new rules and guidance relating to operational resilience will apply to a broad range of firms including banks, building societies, designated investment firms, insurance firms, e-money, and payment services firms. These rules and guidance will come into force on the 31 March 2022.

What does the FCA expect

  • In its Dear CEO letter, the FCA reminded firms that they expect firms to invest in their systems to ensure that they keep pace with the growth of their business and remain fit for purpose.
  • Firms are expected to identify all significant harms related to the activities they undertake. The FCA provide some examples of potential harms caused by the activities of different firms in its finalised guidance on assessing adequate financial resources FG 20/1 , including:
    • Firms advising on corporate finance deals may fail to apply appropriate due diligence
    • Non-bank lenders may fail to check customer’s affordability, inappropriately chase them when in arrears, or have practices not in line with the customer’s best interest
    • Payment services firms failing to have resilient systems and controls
  • Firms must have contingency and/or response plans in place to deal with operational disruptions and ensure that the plans have been tested.

Summary of PS21/3 and what should firms do

In March 2021 the FCA released the PS21/3 which set out the final rules on operational resilience. The FCA expect the policy statement to promote three main objectives:

  • Build the resilience of the market to continue to function as effectively as possible and quickly return to full operations following a disruption and reduce risk to market integrity.
  • Firms can look at improving their operational resilience as a way of retaining customers and promoting effective competition.
  • In identifying their important business services, setting impact tolerances, and restoring their important business services quickly after a disruption, firms can ensure a greater level of consumer protection.

The proposals outlined in the policy statement for the purposes of operational resilience, among others, require firms to:

  • Identify their important business services at least once a year, or whenever there is a relevant change to their business or the market in which they operate
  • Set their impact tolerances at the first point at which a disruption to an important business service would cause intolerable levels of harm to consumers or risk to market integrity
  • Have internal and external communication strategies in place to respond quickly and effectively to reduce the harm caused by operational disruptions
  • Compile a self-assessment document which shows how they meet the FCA’s operational resilience requirements
  • Make sure the plans in place are tested and lessons learned are utilised for the readjustment of the impact tolerances and improvement of the operational resilience of the firms.

Upcoming milestones for Operational Resilience include

  • Implementation of new requirements and expectations to strengthen operational resilience in the financial services sector by 31 March 2022
    • Firms will then have a further period to show that they can remain within their impact tolerances for each important business service by 31 March 2025
  • Publication of Discussion Paper in 2022
  • Consultation Paper to set out policy proposals that outline what information should be submitted by banking and insurance firms when operational incidents occur, planned for the first half of 2022

How can Complyport help?

If the information above has raised any questions or you think your firm may require assistance with complying with the relevant requirements of the new Operational Resilience framework, please contact Jan Hagen via jan.hagen@complyport.co.uk, and book in a free consultation.

Our teams are ready to guide and support your firm in numerous ways, namely in:

  • Identifying important business services
  • Setting impact tolerances
  • The transitional arrangements
  • Scenario testing
  • Compiling a self-assessment document
  • Any collateral service pertaining to the resilience of your processes and systems namely physical and digital security, operational risk management and data protection

About Complyport

Complyport is a market leading consulting firm supporting the UK financial services industry for over 20 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.

Complyport advises and assists firms to become authorised and to comply with the rules and requirements of regulators on an ongoing basis. Our vision is to be there for our clients every step of the way, helping them change, grow, and excel through expertise, insight, and innovation, and in so doing to become our clients’ most valued supplier and trusted advisor.

We have successfully assisted over 1000 firms to become authorised with the FCA and EU and are providing regulatory support to over 600 regulated firms on an ongoing basis globally. With presence in the UK and EU, as well as via our Associates Network, Complyport can assist firms across multiple jurisdictions.

Complyport’s multidisciplinary consultants possess deep expertise in their field, having acted in FCA skilled person reviews, as expert witnesses in legal cases and as expert investigators for firms or their legal advisers.

Day to day, we conduct audits and reviews of a firm’s products, systems, processes, policies, and procedures to identify scope for business, to determine the impact of regulatory developments and to verify compliance with local regulations. Our clients tell us we live our values; we are driven, agile and collaborative.

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