In 2011, the Financial Services Agency (FSA) fined regulated firms a total of £66,000,000. To date, 2012, the FSA has fined regulated firms over £104,000,000; and still counting. A considerable part of this figure was because they were in breach of IT and data governance regulations. The Mitsui Sumitomo Corporation alone was fined over £3,500,000 this year for IT governance failings.
Frontier Technology offers enterprise-class cloud for FSA regulated firms with regulatory compliant technology solutions and support as standard. We comply with ISO 27001, ISO9001, and PCI-DSS compliance models as well as the standard and best practices laid out for data governance by the FSA.
Throughout October, November, and December 2012, we are running complimentary technology assessments and reports for organisations within the finance industry to ensure that they are informed with the regulatory requirements for FSA IT adherence. These include Business Continuity, Disaster Recovery, and data governance.
If you are concerned that your current provider may not be aware of these practices, or you would simply like to know how your current technology falls within them, please contact us on 0854 603 6552 as we would be happy to help.
About Financial Services Authority (FSA) – Now known as Financial Conduct Authority (FCA)
The Financial Services Authority (FSA) was a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry. Due to perceived regulatory failure of the banks during the financial crisis of 2007–2008, the UK government decided to restructure financial regulation and abolish the FSA. More info here.