Andrew Tyrie

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Last quote by Andrew Tyrie

The problem with such committees and frameworks is that all too often they only get the attention they deserve after a crisis – when it's too late. This must not be permitted to happen in the case of financial cyber risk.
Mar 23 2017
Andrew Tyrie has been quoted 22 times. The one recent article where Andrew Tyrie has been quoted is MPs warn system for preventing cyber attacks against banks needs to be overhauled in wake of Tesco hack. Most recently, Andrew Tyrie was quoted as having said, “That sounds perilously resonant of the catastrophically inadequate and headless tripartite authorities, supposedly set up to monitor system risk in banking in 1997.”.
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Andrew Tyrie quotes

These figures give us an initial idea of the effects of losing full access to the single market in financial services. The business put at risk could be significant.

A separate body would bolster the perception of the enforcement function's independence, and provide the regulators with greater clarity over their objectives. The case for separation merits serious re-examination. The Treasury should appoint an independent person to undertake a review.

Parliament will now be better placed to safeguard the FCA from interference – or the perception of interference – by the Treasury or Treasury ministers.

The time has come to entrench the independence of the post of chief executive of the FCA. On behalf of the Treasury Committee, I have tabled an amendment to the Bank of England and Financial Services Bill to give this effect.

Overdue doesn't capture it. It is eight years since the collapse of HBOS in 2008. It has taken a heap of pressure from parliament to secure appropriate action from the regulators. The lion's share of the investigatory work should already have been undertaken in the preparation of the regulators' report in to the failure of the bank.

Every few months we have yet another IT failure at a major bank. These IT blunders and weaknesses are exposing millions of people to uncertainty, disruption and sometimes distress. Businesses suffer, too. We can't carry on like this.

Someone, probably Bailey, the head of the BoE's Prudential Regulation Authority supervisory arm, needed to take "a leadership role" over an issue that poses systemic risk to the banking system. Currently, no one group seems to be directly responsible for developing a full understanding of the risks carried.

The frequency of these failures across the financial services sector suggests a systemic weakness in IT infrastructure. This is concerning. I will be asking the Chief Executive of HSBC, and the regulators, for an explanation of these failures, and action taken to sort them out. They just keep coming.

There remains much more work to be done to improve the bill.

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