Mark Turner Featured in Thomson Reuters Discussing Recent FCA and PRA Enforcement Action

Mark Turner, Managing Director in Duff & Phelps Compliance and Regulatory Consulting practice, spoke to Thomson Reuters about the recent enforcement action taken by the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) against an outsourced card processing provider for a technology failure. The fine comes as the FCA and PRA have highlighted operational resilience–particularly in relation to IT outsourcing, cybercrime and IT change management–as a key regulatory focus for 2019 and the future. Seventeen percent of operational incidents reported between October 2017 and September 2018 were caused by IT failures at a third-party provider, the FCA said in its recent Business Plan.

"The catchphrase here is you can outsource activities, but not accountability," said Mark.

Read the full article here.