BoE to set tolerance levels for operational disruptions

Regulator cites recent TSB and RBS outages as it plans incident response framework

BoE's Nelson: "[We] will be incredibly clear about what we would regard as acceptable and within tolerance"

The Bank of England is planning to set tolerance levels for banks to maintain a minimum level of service provision during a “severe but plausible operational disruption”, according to a senior executive at the regulator.

Speaking today (June 13) at OpRisk Europe, Lyndon Nelson, deputy chief executive officer and executive director for regulatory operations and supervisory risk specialists at the BoE’s Prudential Regulation Authority, said banks’ increased reliance on technology had led to an