The BSA has issued a combined response to PRA CP17/24 Operational resilience: Operational incident and outsourcing and third party reporting and FCA CP24/28 Operational incident and third party reporting. Both consultations were launched at the same time, cover the same topics and have similar proposals (which were developed jointly by the Bank of England, PRA and FCA). It therefore made sense to issue one response to both consultations. 

In our response we call for greater co-ordination between the PRA and FCA to better align the scope (particularly with regard to credit unions), definitions and thresholds of their proposed reporting requirements so as to avoid confusion and unnecessary regulatory burden.