According to the Bank of England, work will be delayed for online stress tests for banks

Bank of England officials have agreed to push to work on their first test of how banks respond to cyberattacks in order to focus on Brex’s preparations, according to a record of meetings in late November.

The BoE’s Financial Policy Committee (FPC), which monitors Britain’s financial system health, said it had planned to discuss test details, such as how quickly banks should recover from hacking.

“The FPC agreed to delay until the first half of 2019 the imposition of impact tolerances, given the focus on preparations for Brex,” said Wednesday’s record.

The test pilot would start at some point in 2019, but Wednesday’s process means that almost certainly will happen after Brex, two on March 29th.

The FPC, whose role is to investigate and address the risks in the financial system, also responded to a government review of its mandate.

Some lawmakers have said the committee should play a role in keeping London as a global financial center, especially if Britain fails to provide good access to the EU financial market after Brex.

The FPC on Wednesday did not make any firm commitment.

In a submission addressed to Finance Minister Philip Hammond, the FPC said it would “when it’s practical” to consider how its political actions or decisions to not act could affect the UK’s UK financial system’s international competitiveness .

BoE’s senior officials have already publicly stated that they do not want a competitive responsibility./investing.com

 

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