The Bank of England has published terms of reference for a review into a systems outage last month which saw UK borrowers unable to access mortgages.
On 20 October the Bank suspended the settlement of payments while it resolved a technical issue related to routine maintenance of the real time gross settlements payment system.
The RTGS system allows money to be transferred between banks in real time to fund investment banking and consumer loans.
The fault affected the Clearing House Automated Payment System, which processes high value same-day transfers, used by solicitors to transfer the mortgage during the house-buying process.
Later the same day, the Bank apologised and announced an independent review of the incident.
It has now appointed Deloitte to carry out the inquiry, which will investigate the causes of the incident, the effectiveness of the Bank’s response and lessons learned.
It will involve a root cause analysis, an evaluation of the robustness and governance of the system, as well as an assessment of the Bank’s response on the day, and the effectiveness of its incidence management procedures and back-up plans.
The findings of the review will be presented to the Court of the Bank of England, which will publish the full report and the Bank of England’s response in early 2015.