29 April 2002
LAUNCH OF A NEW WEBSITE ON THE UK FINANCIAL SECTOR'S BUSINESS CONTINUITY PLANNING
The UK's financial sector authorities, the Bank of England, HM Treasury and the Financial Services Authority today launched a joint website on the UK financial sector's continuity planning. The three authorities have been working together with other public and private bodies to help co-ordinate business continuity planning within the UK's financial sector. The events of 11 September 2001 have shown the importance of co-ordinating such preparations.
The website is intended to help users who want to know who is doing what in this area. It gives an overview of the main organisations involved in this work within the financial sector, their responsibilities and activities, and gives a brief summary of the key issues being addressed. It is intended to be a central point of information about work on continuity planning that is relevant to the UK's financial sector. The authorities are keen to share such information, but because of security considerations, not all of the work being undertaken in this area, or much of the detail, can be disclosed widely.
Notes to Editors
1. The address for the new website is www.financialsectorcontinuity.gov.uk/.
2. The framework for co-operation between the Bank of England, HM Treasury and the Financial Services Authority in the field of financial stability was established in the Memorandum of Understanding of 28 October 1997, following the formation of the Financial Services Authority. As set out in the MoU, there is a tripartite Standing Committee on financial stability of senior representatives of the three authorities.
3. Following the events of 11 September 2001, the tripartite Standing Committee established a sub-group to examine and co-ordinate the work being done by the authorities and other collective bodies in this field of work. This sub-group oversees the operation of the joint website.
4. The FSA today published a working paper on Business Continuity Management, which can be found on the joint website.
Contact details for Press Offices:
HM Treasury 020 7270 4420
Bank of England 020 7601 4411
Financial Services Authority 020 7676 3232