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IFAA sends out guide to beating 2000 bug

The IFA Association is mailing all its 2,500 members a guide to beating the millennium computer bug as the regulators investigate the problem.

The Midland Bank Beat the Millennium Bug provides a step-by-step guide on how firms can tackle the prob lem of computer systems being unable to recognise the change of date from 199to 2000.

Computer experts have predicted the bug could cause systems to crash and client details to be lost.

IFAA&#39s move follows PIA&#39s decision to launch a probe into the problem. Financial Services Authority chairman Howard Davies is also demanding that firms ensure they are millennium-complaint by the end of this year.

IFAA technical manager Mike Leming says the Midland guide was chosen because it is easy to use. There has been concern that smaller firms have failed to address the issue and Leming says: "This is something that senior members of firms should look at."

IFAA chief executive Garry Heath says: "IFAs should not panic but they do need to act as they cannot risk losing or corrupting vital investor details."

The IFAA is holding a seminar on the problem for the London area at the Savoy Hotel on March 17. Members should contact the IFAA to book places.

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