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FCA’s Gabriel systems hit by IT outage

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The FCA was hit by a widespread IT outage on Friday which affected its regulatory reporting system Gabriel.

In a statement, the regulator says most of its systems are now operating again following a “physical hardware incident” at a supplier’s data centre.”

The FCA says: “We put in place our recovery arrangements and they have operated as planned.”

The Financial Times reports Fujitsu was the supplier that caused the outage, with other customers alongside the FCA affected.

It comes less than a week after a senior FCA official warned of a spike in the number of cyber attacks on financial services firms.

The FCA says there was no hack or denial of service attack on its systems.

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Comments

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  1. Given that the FCA doesn’t bother to examine any of the data submitted, is a temporary outage such as this likely to have made a scrap of difference to anyone other than those attempting to complete their returns?

    That said, had a regulated firm suffered a similar outage, the FCA would probably be all over it like a rash for alleged failings of one sort or another ~ operational risks, inadequate business continuity planning, failure to ensure the business was being run in a responsible manner, etc, etc.

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