UK government outlines business continuity plans

London -- Officials from the Bank of England and the Financial Services Authority (FSA) described their action plan for developing the business continuity (BC) infrastructure of the UK’s banks, asset management firms, and insurers at a conference in mid-March. While the officials acknowledged the importance and enormity of the task ahead of them in preparing the City and Canary Wharf for a possible September 11, 2001-style terrorist hit, they also pointed out that their resources for doing so were limited -- a point which is a source of concern for the industry. Unsurprisingly, co-operation with the private sector was emphasised, as was the need for firms to take the initiative in implementing best practices in business continuity management.

John Milne, the new head of business continuity planning in major financial groups at the FSA, outlined the regulator’s revised approach to supervising business continuity preparedness at the firms it oversees. "We supervise currently something like 12,000 firms, ranging from huge financial groups like HSBC, down to small independent financial advisors," he said. "We don’t think it is possible or appropriate for us to try to prescribe for that range of firms how they should approach their