FCA Urges Finance Firms To Strengthen Testing Of New Tech

By Lucia Osborne-Crowley (February 5, 2021, 4:44 PM GMT) -- The U.K.'s finance watchdog said Friday that a review of technology failures in the banking sector has shown that firms need to improve oversight and more rigorous testing of new IT programs as they introduce novel technology.

The Financial Conduct Authority said it conducted a review of how the sector deals with change in fintech and what happens when the introduction of new technology goes wrong. The review found that failed adaptation to technological changes is one of the major causes of operational problems for finance firms and their customers.

"Although many changes are successful, this review reveals that failed technology...

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